United Bank for Africa (UBA) Plc has announced N603.48 billion increase in its profit before tax in the third quarter of 2024.

UBA announced this in its unaudited results for the third quarter of 2024 submitted to the Nigerian Exchange Limited on Monday, October 21.

The bank announced a 20.2 per cent increase in its profit before tax to close at N603.48 billion, compared to N502.09 billion recorded at the end of the third quarter of 2023.

The bank disclosed that its profit after tax also rose by 16.9 per cent from N449.26 billion recorded in 2023 to N525.31 billion in the period under review.

UBA noted that its gross earnings grew by 83.2 per cent to N2.398 trillion up from N1.308 trillion recorded in September 2023, while its net interest income which stood at N443.0 billion at the end of the third quarter in 2023, rose by 149 per cent to N1.103 trillion in the third quarter of 2024.

UBA said the bank’s total assets rose to N31.801 trillion, representing a 54.0 per cent increase over the N20.653 trillion recorded at the end of December 2023.

According to the bank, total deposits rose to N26.50 trillion, representing a 52.7 per cent rise, up from N17.355 trillion at the end of the last financial year.

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UBA disclosed that its shareholders’ funds remained strong at N3.585 trillion up from N2.030 trillion recorded in December 2023, saying this reflected a strong capacity for internal capital generation and growth.

Speaking on the results, UBA’s Group Managing Director/CEO, Oliver Alawuba, expressed pleasure that the Group continues to record strong and sustainable growth in its various revenue streams, building on its strong performance earlier in the year.

“The UBA Group achieved a profit before tax of N603.5 billion and our intermediation business continues to show strong growth with net interest income expanding by 149 per cent YoY to N1.10 trillion and NIM closing at 8.03 per cent, which is 17.60 per cent above the 2023 position, despite persisting macroeconomic headwinds, geopolitical tensions, insecurity, inflationary pressure and exchange rate volatilities across our markets,” Alawuba said.

According to the GMD, the bank’s performance has been underpinned by consistent strong growth on all core and sustainable banking income lines.

“Our substantial investments in technology are yielding tangible business value. This commitment is instrumental in delivering enhanced customer experiences and optimising operational efficiency,” he added.

The Star