UBA Group’s earnings increase by 47.5%

The unaudited first quarter results from United Bank for Africa (UBA) Plc show impressive growth across all income lines.

According to the bank’s results, which were disclosed to the Nigerian Exchange Limited (NGX) on Thursday, gross earnings increased by 47.5% from 183.9 billion to 271.2 billion naira while interest income, which was 125.9 billion naira as of March 2022, increased by 53.4% to 191.9 billion naira in the quarter.

Compared to the corresponding quarter of 2022, when operating income was recorded at 125.9 billion, it increased by 39.6% to reach 175.7 billion.

The bank’s profit before tax (PBT) increased noticeably by 38.2% to $61.4 billion in Q1 2023 from $44.5 billion in Q1 2022, a major increase.

In the same vein, its profit after tax (PAT) increased by a stunning 29.1%, from 41.5 billion to 53.6 billion.

Oliver Alawuba, Group Managing Director and Chief Executive Officer of UBA, commented on the outcome and said that despite the high inflation and difficult global environment, the bank was able to take advantage of the rise in interest rates and enhanced digital offerings to increase funded and non-funded income.

He continued by expressing his excitement at PBT growth, which he said had contributed to higher shareholder returns and had resulted in a return on average equity (ROAE) of 22.6% as opposed to 19.7% in December 2022.

“We have continued to record improved gains in our customer acquisition and retention strategies across our countries of presence, evident in the 10.5 per cent growth in customer deposits to ₦8.6 trillion from ₦7.8 trillion at the end of 2022 full year,” he said.