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Q3 2022: UBA’s Gross Earnings Hit N608bn, Reports 12.3% Growth In Profit

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Africa’s Global Bank, United Bank for Africa (UBA) Plc, has announced remarkable performance in its unaudited financial results for the third quarter ended September 30, 2022, recording impressive growth across all its major indices, replicating the commendable performance it achieved in the first two quarters of the current fiscal year.
Specifically, the bank’s Gross Earnings rose to N608 billion, up from N493 billion recorded in September 2021, while Operating income also grew by 27.3% to close at N414.1 billion as at September 2022, up from N334.8 billion achieved a year earlier.
In its financial report filed with the Nigerian Stock Exchange (NSE), UBA reported a 12.3% rise in Profit Before Tax to close at N138.5 billion compared to N123.4 billion recorded at the end of the third quarter of 2021, while profit after tax also rose significantly by 10.9% to N116 billion up from N104.6 billion recorded a year earlier, thus sustaining its annualised return on average equity for Q3 2022 at 19.2%.
As always, UBA continues to maintain a very strong balance sheet, with Total Assets rising to N9.3 trillion, representing a 9.1% increase over the N8.5 trillion recorded at the end of December 2021, just as the bank benefitted largely from its technology-led initiatives targeted at improving customer experience over the past few years, with Customer Deposits rising to N7.03 trillion, representing a 10.4% rise, up from N6.4 trillion at the end of the last financial year.
UBA shareholders’ funds remained very strong at N809 billion up from N805 billion recorded in December 2021 again reflecting a strong capacity for internal capital generation and growth.
Commenting on the result, UBA’s Group Managing Director/Chief Executive Officer, Mr. Oliver Alawuba, remarked that the Group continues to show notable operating resilience amid significant headwinds in its presence markets amidst heightened global risk environment, adding that its strong diversification model and unwavering focus on customer satisfaction continues to give the bank an edge over its peers in the industry.
He said, “We continue to reap the benefits of our diversification strategy and Customer -1st philosophy and build resilience in our operations across Africa and the Rest of the World to support the mission of providing superior value to our stakeholders.
“This has translated into strong financial gains evident in growth in our customer deposits and Net interest margin. In addition, we are strategically positioned to drive our market share in our operating countries, with the strong growth of our payments and transaction banking offerings,” Alawuba stated.
Executive Director, Finance & Risk Management, Ugo Nwaghodoh, said, “The Group’s profitability increased by 12.3% to N138.5 billion, with underlying growth in our key income lines and moderation in our cost of funds.
We remain very cautious in risk asset creation as we defensively position our asset portfolios to minimize the impact of the heightened credit risk. Consequently, our NPL ratio remains within acceptable threshold at 3.2%.
United Bank for Africa Plc is a leading Pan-African financial institution, offering banking services to more than twenty-five (25) 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

BIG STORY

BREAKING: Remains Of Late President Buhari Arrives In Katsina [VIDEO]

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The body of former President Muhammadu Buhari has reached Katsina State for his official burial ceremony.

Contrary to the initially scheduled arrival time, the former president’s remains landed at exactly 1:59 pm, shortly after President Bola Tinubu arrived.

The aircraft carrying Buhari’s remains landed at the Umaru Musa Yar’Adua International Airport, where President Tinubu was expected to receive it before it would be transported to Daura for the burial.

Members of Buhari’s family also arrived at the airport, including the visibly emotional former First Lady, Aisha Buhari, who was seen among the crowd.

Aisha Buhari and her children, all dressed in black, were accompanied by Nigeria’s First Lady, Oluremi Tinubu.

Contrary to earlier reports suggesting the body would be flown in as cargo, Buhari’s remains arrived aboard the presidential jet, which also carried his family and a delegation led by Vice President Kashim Shettima.

 

More to come…

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BIG STORY

Amaechi Wears Turban To Buhari’s Burial In Daura

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Rotimi Amaechi, who previously served as the minister of transportation, attended the funeral of former President Muhammadu Buhari in Daura, Katsina state, wearing a turban.

Buhari, the former president and head of state, passed away on July 13. His burial took place in his hometown, Daura, amidst national mourning.

Amaechi wore the cultural headgear to the ceremony held in honour of the late leader.

Earlier on Tuesday morning, Buhari’s remains were transported from London to Nigeria aboard the presidential jet.

Why Is Amaechi Wearing A Turban?

Amaechi received the title of Dan Amanar of Daura — which translates to “trusted son of Daura” — on February 5, 2022, as an acknowledgment of his contributions to the transport sector.

At that time, Silas Zwingina, a former deputy majority leader in the Senate, dismissed suggestions that the turbaning had political undertones, instead calling it a cultural show of gratitude by the Daura Emirate.

Zwingina stated that the Daura Emirate traditionally honours those who have made significant contributions to the development of the area.

He said it was unrelated to politics and urged people not to attach unnecessary meanings to the gesture, noting that Amaechi’s completed projects in Daura and across Nigeria stood on their own.

Amaechi’s turban has previously stirred controversy. In 2022, Musa Saidu, a leader of Arewa in the south, asked him to refrain from using the turban during political campaigns.

Saidu said the turban carries strong Islamic significance and should not be used as a political symbol.

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BIG STORY

What Buhari Told Me About President Tinubu After Fuel Subsidy Removal — Katsina Governor Radda

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Governor Dikko Radda of Katsina State shared details of his conversations with the late former President Muhammadu Buhari following his retirement, including a discussion on President Bola Tinubu’s decision to remove petrol subsidy at the start of his administration.

While addressing reporters at the late president’s burial in Daura, Radda recounted his interactions with Buhari after he left office in 2023. He described gaining insights from Buhari’s leadership and patriotic values during this period.

He said that once Buhari returned to Daura after completing his term in 2023, they were able to engage more frequently, which allowed him to benefit from the former president’s wisdom and humor.

Radda mentioned that their conversations often focused on the challenges facing Nigerians and national service.

He shared that Buhari once told him, Your Excellency, go and do your best and be honest as a leader. You cannot satisfy Nigerians; only God can do that. He added that Buhari often spoke about the burdens he faced in office but felt relieved after retirement.

According to Radda, Buhari also said, I pity Bola (President Tinubu) for what he is doing. He is a brave man for removing the fuel subsidy. When I was president, whenever I made an attempt to remove the subsidy, a lot of people would give me too many reasons not to do so. But Bola did it immediately. If he had consulted people, he could not have removed the fuel subsidy now.

Radda emphasized that this was one of the conversations with Buhari that will stay with him. He said Buhari’s passing has left a significant void in Katsina State that will be difficult to fill.

President Tinubu ended the petrol subsidy on 29 May 2023, the day he assumed office after Buhari. He said the move was necessary to support economic growth and advance national progress.

He also stated that the Nigerian economy had long been underperforming due to various structural issues that hindered its development.

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