2023 Q3: UBA reports 86.64% growth in pre-tax profit

United Bank for Africa Plc reported its 2023 third-quarter results showing pre-tax profits grew by 86.64% year on year, reaching N98.444 billion.

This took nine-month pre-tax profits to N502.901 billion versus N138.493 billion in the same period last year.

Key highlights Q3 2023 vs. Q3 2022:

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Gross earnings: N327.086 billion +38.64% YoY
Interest Income: N237.999 billion +46.13% YoY
Interest Expense; N73.030 billion +26.30% YoY
Net interest income; N164.969 billion +57.04% YoY
Net fees and commission income: N35.990 billion +61.37% YoY.
Net trading and foreign exchange income: N31.975 billion +9.26% YoY
Total non-interest income: N68.694 billion +27.98% YoY
Operating Income: N233.663 billion +47.21% YoY
Net operating income after impairment charge on loans and receivables: N242.991 billion +58.33% YoY
Profit for the period N71.061 billion +55.47% YoY.
Earnings per share N1.94 +50.39% YoY
Loans and advances to customers N4.939 trillion +57.44%.
Cash and Cash equivalents N4.039 trillion +58.17%
Total Assets N16.236 trillion +49.54%.
Customers’ deposits N11.629 trillion +48.62%.

More Insights

In Q3, UBA demonstrated an impressive financial performance with significant growth in both its top and middle-line metrics.

This strong performance, coupled with its Q2 results, led to an impressive nine-month profit after tax of N449.296 billion, making it the leader in the banking sector in terms of profitability.

The bank’s top-line performance was primarily driven by a substantial growth in interest income, which, in relative terms, exceeded the growth in interest expenses during Q3.

However, it’s worth noting that the bank’s bottom line could have seen even greater improvement if it had replicated the substantial foreign exchange gains achieved in the first half of the year.

In Q3, the bank reported a modest foreign exchange gain of N31.975 billion, compared to the impressive N418.278 billion recorded in the first half of 2023. This had a moderating effect on the net trading and foreign exchange income, resulting in a total of N450.253 billion for the first nine months of 2023.