Key extracts of the interim report and accounts for the nine-month period ended September 30, 2022 released at the Nigerian Exchange (NGX) showed that top-line earnings rose by 20.3 per cent while pre and post tax profits grew by 12.3 per cent and 10.9 per cent respectively.
Gross earnings rose to N608 billion, up from N493 billion recorded in September 2021. Operating income also grew by 27.3 per cent to N414.1 billion in September 2022, up from N334.8 billion recorded in third quarter 2021. Profit before tax increased to N138.5 billion compared with N123.4 billion in 2021 while profit after tax also rose significantly by N116 billion up from N104.6 billion recorded in third quarter 2021.
The report implied annualised return on average equity of 19.2 per cent for third quarter 2022.
Also, the report underlined that UBA continued to maintain a very strong balance sheet, with total assets rising to N9.3 trillion, representing a 9.1 per cent increase over the N8.5 trillion recorded at the end of December 2021. 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 per cent increase on N6.4 trillion posted at the end of the last financial year.
