United Bank for Africa Plc (UBA), headquartered in Nigeria, has reported robust financial results for the first quarter ended March 31, 2024, demonstrating significant growth across key performance indicators. The Group's gross earnings soared by 110 percent year-on-year to 570.2 billion naira ($410.5 million), with interest income and operating income increasing by 130 percent and 115 percent respectively. Profit Before Tax surged by 155 percent to $112.5 million, while Profit After Tax jumped by 165 percent to $102.6 million, reflecting the successful execution of UBA's customer-focused strategy, geographic diversification, and effective risk management.
The Group's balance sheet expanded steadily, with total assets growing by 23 percent to $18.2 billion, and customer deposits reaching $13.2 billion, a 23 percent increase year-on-year. UBA's commitment to sound governance, robust risk management, and financial strength positions it for continued growth while contributing to inclusive economic development across its network. The company's unwavering customer focus and geographic diversification, coupled with disciplined cost management, have driven strong performance across all regions, setting the stage for continued progress towards profitability targets.