United Bank for Africa (UBA) has reported an extraordinary surge in profits for the third quarter of 2023. The bank’s financial results for this period reveal a remarkable 287.18% increase in profit after tax, with figures soaring to an impressive N449.30 billion, News About Nigeria reports.
This substantial growth in profits highlights UBA’s exceptional performance and its continued focus on delivering value to shareholders and various stakeholders. This is not merely a testament to the bank’s robust business strategies but also underscores its capacity to navigate the dynamic financial landscape with agility and precision.
This significant upturn in profits can be attributed to various factors, including efficient balance sheet management, service-focused strategies, and the impact of FX harmonization. UBA has strategically leveraged these elements to enhance its performance and deliver value to its ever-expanding client base.
Furthermore, UBA’s notable presence beyond Nigerian borders has played a pivotal role in this exceptional financial achievement. The bank’s operations across Sub-Saharan Africa have allowed it to tap into a broader range of business opportunities, cementing its position as a leading financial institution on the continent.
The surge in profits serves as a testament to UBA’s commitment to its core values of customer-centricity, innovation, and growth. This commitment has allowed the bank to capture emerging opportunities and remain at the forefront of the financial industry.
Commenting on the result, UBA’s Group Managing Director/CEO, Mr Oliver Alawuba, said “This significant improvement is attributed to the impact of FX harmonisation, efficient balance sheet management, and our service-focused strategies. Our banking operations outside of Nigeria have continued to capture the broader business opportunities inherent across, and beyond Sub-Saharan Africa.”
The bank’s Executive Director, Finance & Risk, Ugo Nwaghodoh, said, “Our performance in the third quarter demonstrates the strong momentum of the bank, as we deliver continuous improvements across our businesses and key performance metrics. This is reflective of the combined impact of higher asset yields, modest funding costs, and balance sheet optimisation.
