UBA reports N116bn profit in nine months

United Bank for Africa Plc (UBA) on Monday announced a N116billion profit after tax in nine months unaudited result and accounts for the period ended September 30, 2022, an increase of 10.9 per cent from N104.6illion reported in nine months of 2021.

The pan-African bank’s results on the Nigerian Exchange Limited (NGX) announced N138.49billion profit before tax in nine months, representing an increase of 12.27 per cent from N123.35billion reported in nine months of 2021.

The group’s interest income rose by 22.3 per cent to N420.23billion in nine months of 2022 from N343.71billion in nine months of 2021, while interest expenses gained 20.3 per cent to N137.7billion in nine months of 2022 from N114.4billion reported in nine months of 2021.

While commenting on the banks half year results, Group Managing Director/ Chief Executive Officer, UBA, Mr. Oliver Alawuba said: “We have continued to leverage our customer -1st philosophy to pursue the mission of providing superior value to our stakeholders. This is evident in the increase in low-cost customer deposits, and strong growth of our payments and transaction banking.

“The financial year 2022 showed initial signs of recovery of economies across the globe, despite continued COVID-induced supply-chain disruptions. However, geopolitical challenges including the Russia and Ukraine conflict, resulted in escalation of global commodity prices, particularly those of grains and crude oil, which have taken a toll on several economies.

“I am particularly delighted at the strides we are making in growing our market share across Africa. Our retail business has continued to grow, as we ride on our agency banking network, trusted brand, competitive product offerings and quality service delivery to deepen our retail penetration.

“As the Group consolidates its Pan-African leadership in facilitating intra-Africa and international trade, cross-border payments and remittances, we are now a preferred partner for last-mile distribution of donor flows. Our newly launched operation in the United Arab Emirate (UAE) will no doubt contribute immensely to these objectives.”

From balance sheet position, UBA’s reported N9.32trillion in total assets as of September 30, 2022 from N8.54trillion reported in 2021 full financial year.