Africa’s Global Bank, United Bank of Africa (UBA), recently released its unaudited financial results for Q3 2023 that ended September 2023. Since its recent release, the bank has once again gained impressive growth in its performance metrics, adding to the success of the second quarter of 2023.
The bank has been on a positive trend all through this year. The first two quarters of the current fiscal year showed that the bank’s gross earnings settled at N1.309 trillion, which signifies a 115.2% increase from the records of last year, which settled at N608 billion. Also, operating income increased by 146%, from N414 billion in September 2022 to N1.018 trillion in the year under consideration.
The bank’s financial report filed with the Nigerian Exchange Limited showed a 262% rise in Profit before Tax (PBT) to settle at N502.01 billion when compared to the N138.49 billion that was recorded at the end of Q3 2022, while profit after tax increased by 287.2% from N116 billion recorded a year earlier to N449.29 billion, rising above its annualised return on average equity for Q3 2023 at 131% to 44.37%.
The bank has continued to maintain a robust balance sheet, with total assets rising to N16.24 trillion, which represents a 49.5% rise from the N10.86 trillion recorded at the end of December 2022. The bank also benefited massively from its technology-led initiatives targeted at improving customer experience in the past few years, with customer deposits rising to N11.63 trillion, representing a 48.6% rise, up from N7.8 trillion at the end of the last financial year.
UBA shareholders' funds remain very strong as it reaches N1.778 trillion up from the N922.1 billion that was recorded in December 2022.
Read more: https://www.investingport.com/uba-group-records-115-growth-in-gross-earnings-in-q3-report-of-2023/