United Bank for Africa (UBA) Plc has released its unaudited results for the first quarter, recording remarkable growth across income lines.
The bank’s result, which was released to the Nigerian Exchange Limited (NGX) on Thursday, showed that gross earnings rose by 47.5 per cent from ₦183.9 billion to ₦271.2 billion while interest income which stood at ₦125.9 billion as at March 2022, grew by 53.4 per cent to ₦191.9 billion in the quarter.
Its operating income rose by 39.6 per cent to ₦175.7 billion, as against ₦125.9 billion recorded in the corresponding quarter of 2022.
The bank saw its profit before tax (PBT) rising significantly by 38.2 per cent to ₦61.4 billion in Q1 2023, up from ₦44.5 billion recorded in the first quarter of 2022.
In the same vein, its profit after tax (PAT) jumped from ₦41.5 billion to ₦53.6billion, representing an impressive 29.1 per cent growth.
Commenting on the result, UBA’s Group Managing Director/Chief Executive Officer, Oliver Alawuba, explained that despite the high inflationary, and challenging global environment, the bank was able to leverage the uptick in interest rates and improved digital offerings, in growing funded and non-funded income.
He added that he was particularly excited at the growth in PBT, which has helped to drive increased returns to shareholders, with a 22.6 per cent return on average equity (ROAE) compared to 19.7 per cent recorded 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.
