UBA posts strong Q3 results, gross earnings jump 83.2%
Stanley Ihedigbo
United Bank for Africa (UBA), has released its unaudited Q3 2024 results, showcasing impressive growth across key indicators.
Gross earnings rose 83.2% to N2.398 trillion, up from N1.308 trillion in Q3 2023.
UBA’s Group Managing Director/CEO, Oliver Alawuba, attributed the success to strong and sustainable growth in revenue streams, despite macroeconomic challenges.
“Our substantial investments in technology are yielding tangible business value, delivering enhanced customer experiences and optimizing operational efficiency,” Alawuba stated.
Executive Director, Finance & Risk, Ugo Nwaghodoh, emphasized the bank’s focus on operational efficiency and plans to optimize cost of funds and operating expenses.
UBA remains committed to sustainable growth, maintaining a strong compliance and risk management culture, while exploring opportunities to expand its services.
With over 45 million customers across 20 African countries and presence in global financial hubs, UBA continues to connect people and businesses through innovative banking services.
track with various strategies to optimize our cost of funds and operating expenses. Furthermore, the Group has finalized plans to shore up its share capital to support its medium to long term aspirations, whilst aligning with the recent regulatory requirement in Nigeria and other jurisdictions.”
On plans to consolidate its performance for the rest of the 2024 financial year and beyond, Nwaghodoh said, “We remain on track with various strategies to optimize our cost of funds and operating expenses. Furthermore, the Group has finalized plans to shore up its share capital to support its medium to long term aspirations, whilst aligning with the recent regulatory requirement in Nigeria and other jurisdictions.”
He explained that UBA remains committed to sustainable growth in its core banking revenue lines and maintaining its strong compliance and risk management culture, even as the Group identifies further opportunities to expand.
United Bank for Africa is a leading Pan-African financial institution, offering banking services to more than forty-five million customers, across 1,000 business offices and customer touch points in 20 African countries. With presence in New York, London, Paris and Dubai, UBA is connecting people and businesses across Africa through retail, commercial and corporate banking, innovative cross-border payments and remittances, trade finance and ancillary banking services.
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