The United Bank for Africa Plc recorded 47.5 per cent growth in its gross earnings in the first quarter of 2023. The Group’s profit before tax also hit N61.4bn.
This was disclosed in its unaudited results for the first quarter ended March 31st, 2023, and released on the Nigerian Exchange Limited.
“The Group’s gross earnings rose by 47.5 per cent from N183.9bn to N271.2bn; while interest income which stood at N125.9bn as of March 2022, grew by 53.4 per cent to N191.9bn in the quarter under consideration.
The results revealed that operating income rose by 39.6 per cent to N175.7bn, as against N125.9bn recorded in the corresponding quarter of 2022.
UBA’s profit before tax also rose significantly by 38.2 per cent to N61.4bn in Q1 2023, from N44.5bn recorded in the first quarter of 2022.
According to the statement, its profit after tax jumped from N41.5bn to N53.6bn, representing an impressive 29.1 per cent increase.
Commenting on the result, UBA’s Group Managing Director/ Chief Executive Officer, Oliver Alawuba, explained that despite the high inflationary, and challenging global environment, UBA 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 excited at the growth in PBT, which had helped to drive increased returns to shareholders, with a 22.6 per cent return on average equity, 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 N8.6tn from N7.8tn at the end of 2022FY.
“This has enabled the Group drive increased loan growth and interest income, with loans to customers at N3.6tn, representing a year-to-date increase of five per cent.
“For 2023, we remain committed to improving the Group’s performance as we strategically position our entities to take advantage of emerging developments within their jurisdictions and across the globe. We will continue to deliver excellent rewards to our stakeholders.”
The UBA’s Executive Director, Finance and Risk, Ugo Nwaghodoh, added that the performance demonstrated the group’s resilience and commitment towards delivering value and enhancing the confidence of its customers, stakeholders and the wider public notwithstanding the competitive landscape and current global trend in the industry.