United Bank for Africa (UBA) Plc has announced impressive financial results for the nine months ending September 2024, showcasing a 20% growth in profit before tax to N603.48 billion, up from N502.09 billion in the same period last year.
Profit after tax increased by 16.9%, rising from N449.26 billion in 2023 to N525.31 billion in 9M’24. The bank reported a significant 83.2% growth in gross earnings, reaching N2.398 trillion compared to N1.308 trillion a year earlier. Net interest income also saw a remarkable increase of 149%, from N443.0 billion in Q3 2023 to N1.103 trillion in the current period.
UBA’s total assets rose sharply to N31.801 trillion, marking a 54% increase from N20.653 trillion at the end of December 2023. The bank also saw total deposits grow by 52.7% to N26.50 trillion, up from N17.355 trillion in the previous financial year.
The bank attributes its robust performance to technology-led initiatives aimed at enhancing customer experience, which have played a crucial role in driving growth across various metrics. Overall, UBA’s strong financial results reflect effective management and strategic focus, positioning the bank favorably for continued growth in Nigeria’s competitive banking sector.