United Bank for Africa (UBA) Plc has released its audited results for the third quarter ended September 30, showing growth in major financial indicators.
According to the report filed with the Nigerian Exchange Limited on Thursday, the bank’s gross earnings rose by 3.0 percent to N2.469 trillion, up from N2.398 trillion recorded in September 2024.
Net interest income grew by 6.2 percent to N1.172 trillion, compared to N1.103 trillion recorded in the same period last year.
Profit before tax declined by 4.1 percent to N578.59 billion, from N603.48 billion in 2024, while profit after tax increased by 2.3 percent to N537.53 billion from N525.31 billion.
UBA’s total assets rose by 7.2 percent to N32.492 trillion from N30.323 trillion recorded at the end of December 2024.
Total deposits also grew by 7.7 percent to N26.54 trillion from N24.651 trillion.
Shareholders’ funds increased by 25.8 percent to N4.301 trillion, up from N3.418 trillion in December 2024.
Commenting on the results, UBA’s group managing director/CEO, Oliver Alawuba, said the performance was supported by prudent balance sheet management, innovation and a diversified earnings base.
“With profit after tax rising to N538 billion from N525 billion, the bank continues to reflect consistent earnings momentum and its commitment to sustainable growth across its markets,” Mr Alawuba said.
He added that the bank had made progress with its capital raising exercise under the industry-wide recapitalisation mandate, following the completion of the second phase of its rights issue.
UBA’s executive director of finance and risk, Ugo Nwaghodoh, said the group delivered steady earnings growth, with gross earnings reaching N2.47 trillion, driven by a 10.1 percent increase in interest income and a 6.2 percent rise in net interest income.
He said total assets grew by 7 percent to N32.5 trillion, while shareholders’ funds expanded by 26 percent to N4.3 trillion, adding that capital adequacy and liquidity ratios remained above regulatory requirements.
Mr Nwaghodoh said the bank would continue to focus on profitability, digital income growth and long-term shareholder value.
UBA operates in 20 African countries as well as the United Kingdom, the United States, France and the United Arab Emirates.
The bank employs about 25,000 people and serves over 45 million customers globally.
