United Bank for Africa (UBA) Plc reported a profit after tax of N525.31 billion for the third quarter ended September 30, marking a 16.9% increase from N449.26 billion in 2023.
In its unaudited financial report filed with the Nigerian Exchange Ltd. (NGX), UBA also recorded a profit before tax of N603.48 billion, up 20.2% from N502.09 billion in the same period last year.
The bank’s gross earnings surged by 83.2% to N2.398 trillion, compared to N1.308 trillion in the corresponding quarter of 2023. Net interest income rose significantly, reaching N1.103 trillion—an impressive 149% increase from N443 billion in Q3 2023.
Group Managing Director Oliver Alawuba highlighted the bank’s strong balance sheet, with total assets climbing to N31.801 trillion, a 54% increase from N20.653 trillion at the end of December 2023. He attributed this growth to the bank’s technology-driven initiatives aimed at enhancing customer experience, resulting in total deposits rising to N26.50 trillion, a 52.7% increase from N17.355 trillion at the end of the last financial year.