United Bank For African Profit Increase to N61.4Billion

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Speaking on the new report, in the first three months of the year, United Bank for Africa (UBA) Plc has strong notes in the growth of profit as it increased to N61.4 billion.

According to the first quarter report, as at the end of  March this year, there is an increase in the gross earning with 47.5percent to N183.9billion, and also there is an increase in the interest income which stood at N125.9billion, and also many other increases in the companies.

According to the Group Managing Director, of the United Bank for Africa (UBA), Mr. Oliver Alawuba,  despite the high inflation and challenges in a global environment, UBA was able to increase interest rates and improved digital offerings, in growing funded and non-funded income.

He further speaks concerning the increase in growth pre-tax which help to increase shareholders by 22.6 percent.

“We have continued to record improved gains in our customer acquisition and retention strategies across our countries of presence, evident in the 10.5 percent growth in customer deposits to N8.6 trillion from N7.8 trillion at the end of 2022. This has enabled the group to drive increased loan growth and interest income, with loans to customers at N3.6 trillion, representing a year-to-date increase of five percent.

“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,” Alawuba said.

According to the Executive Director, Finance and Risk, United Bank for Africa (UBA) Plc, Ugo Nwaghodoh, the delivery of value and confidence in customers was demonstrated during the first quarter performance.

He further speaks that, the continuous growth in gross earning assets increased by 4.6 percent in the first quarter of this year to a total of N11.4 trillion. 

“The growth in gross earnings is on the strength of an increase in both interest income and non-interest income while growing the in the total asset is attributable to increased deposits due to aggressive demobilization drive that resulted in a 10percentent growth in customer deposit in the first quarter,” Nwaghodoh said.

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