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Solid Start To 2024, UBA Consolidates Gains As Gross Earnings Rise By 110%, Profit For [Quarter] Hits N156bn, Delivering A YoY Growth Of 165%

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United Bank for Africa Plc (UBA), Africa’s Global Bank , released its financial results for the first quarter ended March 31st, 2024, showing very strong growth across key performance measures.

The Group’s results, which were released to the Nigerian Exchange Limited (NGX) on Friday May 3rd, 2024, saw outstanding year-on-year increases: Gross Earnings rose by 110%, from N271.1billion to N570.2 billion; Interest Income grew by 130%, to N440.7 billion. Operating Income increased by 115%, from N175.7 billion in 2023, to N378.59 billion.

Further consolidating the record performance delivered in the Group’s 2023 Full Year Audited Financials, UBA again saw Profit Before Tax rising significantly by 155% from N61.7 billion in Q1 2023, to N156.34 billion in Q1 2024; while Profit After Tax jumped from N53.5 billion to N142.5 billion, representing an impressive rise of 165% year-on-year.

Commenting on the results, UBA’s Group Managing Director, Oliver Alawuba, said the Group delivered strong first quarter performance, building on the solid momentum of 2023, as well as the ongoing execution of its long-held strategy of customer focus, geographic diversification and effective risk management and governance.

He said, “Our record Q1 profit before tax was delivered with triple digit gross earnings growth, supported by very strong interest and non-interest income. Fees and Commissions rose by 118% year-on-year on the back of improved efficiencies and continued digital adoption. This has helped drive improvement in efficiency and customer satisfaction, with the Group’s cost-to-income ratio held at 57.8%.”

“The Group’s balance sheet grew steadily with Total Assets increasing by 23% to N25.4 trillion. Customer deposits closed at N18.4 trillion, recording a 23% increase year-on-year, largely attributed to growth in current accounts and savings accounts.”

“Our unwavering commitment to sound governance, robust risk management, and financial strength positions us for continued growth, while we contribute meaningfully to inclusive economic development across our network.”

Also speaking on the performance, UBA’s Executive Director, Finance and Risk, Ugo Nwaghodoh, said the Group’s operating results for the quarter showed the actions taken to enhance the Group’s performance continued to deliver.

He said, “Our first quarter results highlight our relentless customer focus and the strength of UBA’s geographic and product diversification, with good performance across all our regions. We continue to differentiate ourselves across all key financial metrics, with a keen focus on high-quality risk adjusted revenues and cost discipline, while maintaining very sound asset quality.“

“We remain committed to reducing both interest expense and operating expenses and expect to make steady progress as we move through the year toward our stated profitability targets,” Nwaghodoh stated.

United Bank for Africa Plc is a leading Pan-African financial institution, offering banking services to more than twenty-five million customers , across over 1,000 business offices and customer touch points, in 20 African countries and across 4 continents.

With presence in the United States of America, the United Kingdom, France and the United Arab Emirates , UBA connects 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

Federal High Court Orders Eviction Of Emir Sanusi From Palace, State Court Halts Enforcement

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The Federal High Court sitting in Kano on Tuesday, May 28, ordered the eviction of Muhammadu Sanusi II from the palace

It was gathered that, the court, presided over by Justice S. A. Amobeda, also gave the police orders to make sure that Aminu Bayero, the 15th Emir of Kano, receives all rights and advantages due to him as the legitimate Emir of Kano.

According to Justice Amobeda, the decision was taken to uphold justice and preserve the peace in Kano State.

Justice Amobeda said: “An order of interim injunction restraining the respondents either by themselves, their agents, servants, privies or any other person or authority from inviting, arresting, detaining, threatening, intimidating, harassing the applicant, raiding, tempering with or visiting the applicant’s in order to arrest or infringe on his right or in any other way infringe or attempt to infringe the Applicant’s rights pending the hearing and determination of the originating motion

“An order restraining the 3rd, 4th and 5th respondents and all other respondents from denying the applicant to use his official residence and palace at the Emir’s Palace, Kofar Kudu as well as enjoy all rights and privileges accrued to him by virtue of being emir of Kano State and to evicting anything, anybody residing within the palace illegally pending the hearing and the determination of the originating summons.”

The Attorney General of the federation, the attorney general of the state, the police commissioner, the army etc are respondents.

The suit has been adjourned to June 4 for a hearing.

Meanwhile, a State High Court sitting at Miller Road, Kano had earlier on Tuesday, May 28, restrained the police, State Security Service (SSS) and Nigerian military from evicting the reinstated Emir of Kano, Muhammadu Sanusi II from the palace.

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NBA, State Government Kick As 12-Yr-Old’s Two Hands Get Amputated By Nephew For Allegedly Stealing Phone In Gombe

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A 12-year-old child known only as Adamu had both of his hands amputated by his relative for allegedly robbing a phone in Gombe State.

Mwalin Abdu, on May 27, the vice chairman of the state’s Nigerian Bar Association, made this public.

Abdu, who also serves as the NBA’s Human Rights Committee Chair, brought attention to the development on Children’s Day, which was honoured on a global scale.

In a statement, titled: “Protecting our future: Urgent action needed on child protection in Gombe State,” which she issued on Monday, she said: “In 2018, we woke up to the story of young Zubair Abubakar (13 years old), whose arms were amputated because of the abuse by his teacher, just four days ago was another devastating story of 12-year-old Adamu from Tumu District in Akko LG of same Gombe State who also lost his arms due to similar incident with Zubair Abubakar, over alleged theft of phone.

“Even though the office of the Attorney General has taken over the prosecution of the cases, we believe that is not enough, because these two stories are just a tip of the iceberg of the numerous daily reported and unreported complaints or cases of child abuse in the state, ranging from sexual abuse, child labour, child molestation, child trafficking and so on.

“The heartbreaking tales of young victims like Zubair Abubakar and Adamu from Gombe State underscore a troubling reality: child abuse remains a pervasive issue in our communities, transcending mere headlines to expose the harsh realities faced by our most vulnerable members.

“While the ratification of the child protection law in 2022 was a pivotal step, the gap between legislation and its effective enforcement looms large, leaving children at risk and their futures uncertain.

“The time for passive observance has passed, the safeguarding of every child’s well-being demands immediate and resolute action.

“Gombe State must move swiftly to implement and enforce the child protection law, ensuring that those who exploit and harm our children face the full force of justice.

“Robust reporting mechanisms, specialised victim support services, and widespread awareness campaigns are imperative to redress the rampant abuse, exploitation, and trafficking that plague our dear state.

“On this National Children’s Day, let us recommit ourselves to the noble cause of defending our children’s rights in Gombe State.

“Their safety is non-negotiable, and our duty is unwavering – to shield them from harm and equip them with the resilience to surmount the challenges that lie ahead.

“Gombe State stands on the threshold of change; the time for action is now.

“Let us rise as one to protect our children, nurture their dreams, and embolden them to carve a future steeped in promise.

“The moment beckons, and our children look to us for a brighter tomorrow.”

In its reaction to the development on Monday, The Gombe State Government said it has filed charges against the man who amputated Adamu’s hands.

Abubakar Jungudo, the Director of Public Prosecutions in the Gombe State Ministry of Justice, confirmed this to newsmen.

Jungudo said: “We are going to prosecute the defendant.

“We are awaiting the assignment of the case by the Chief Judge of Gombe State.

“One of the Magistrates in Kashere drew my attention to the case, having seen the seriousness of the injury and it was referred to the Gombe State Command of the Nigeria Security and Civil Defence Corps.”

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JUST IN: Labour Rejects Federal Government’s Fresh N60,000 Minimum Wage Offer, Insists On N494,000

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The minimum salary that was initially suggested by the Federal Government at a meeting of the tripartite committee on minimum wage in Abuja on Tuesday was increased by N3,000 to N60,000.

During the most recent minimum wage conference, organised labor—which includes the Trade Union Congress and the Nigeria Labour Congress—also reduced their request by N3,000 from N497,000.

Labour leaders were not pleased with the sum that the government had suggested, according to a source who provided the breakdown during the meeting on Tuesday.

A member of the union who spoke to our correspondent before the meeting started noted that organised labour would only go lower if the government went higher on its demands.

“This is simply a case of if they go higher, we will go lower. They need to propose something reasonable for us to propose something lower too. There is no two-way about it.

“Also, we have a way of meeting as members of the Labour before each committee meeting. This will help us to take a uniform stand by the time we get to the meeting front.

“So as long as the government is ready to present something reasonable, we will meet them in the middle,” the labour leader said.

 

More to come…

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