United Bank for Africa Plc (UBA) has posted gross earnings of N570.2 billion in its First quarter 2024 operations against N271.1 billion recorded in the corresponding period in 2023.
Specifically, the group achieved 110 percent rise in gross earnings from N271.1billion to N570.2 billion while Profit Before Tax (PBT) rose by 155 percent from N61.7 billion in Q1 2023, to N156.34 billion in Q1 2024.
Similarly, Profit After Tax soared from N53.5 billion to N142.5 billion, representing an increase of 165 percent. The bank attributed the improved performance to effective risk management and governance, customer focus, and geographic diversification.
Additionally, interest income grew by 130 percent, to N440.7 billion while operating income increased by 115 percent, from N175.7 billion in 2023 to N378.59 billion.
Commenting on the results, UBA’s Group Managing Director, Oliver Alawuba, said the Group delivered a strong first quarter…
Source: Guardian Newspaper
