United Bank for Africa Plc reported its 2024 third-quarter results showing pre-tax profits grew by 101.88% year on year, reaching N194 billion.
This took nine-month pre-tax profits to N603.483 billion versus N502.091 billion in the same period last year.
Key highlights (2024 Q3 vs. 2023 Q3):
- Gross earnings: N1.027 trillion +213.97% YoY
- Interest Income: N795.341 billion +234.18% YoY
- Interest Expense; N366.636 billion +402.03% YoY
- Net interest income; N428.705 billion +159.87% YoY
- Net fees and commission income: N88.756 billion +146.61% YoY.
- Net trading and foreign exchange income: N84.305 billion +163.66% YoY
- Total non-interest income: N178.146 billion +159.33% YoY
- Operating Income: N606.851 billion +159.71% YoY
- Net operating income after impairment charge on loans and receivables: N543.585 billion +123.71% YoY
- Profit after tax: N205. 781 billion +189.58% YoY.
- Earnings per share N5.78 +197.94% YoY
- Loans and advances to customers N7.675 trillion +46.79%.
- Cash and Cash equivalents N9.108 trillion +50.07%
- Total Assets N31.801 trillion +53.98%.
- Customers’ deposits N22.969 trillion +54.24%.
Commentary:
In Q3 2024, UBA delivered impressive financial results, with significant growth across both its top-line and bottom-line metrics.
