June 25, 2026
UBA PICTURE APPROVED

….hits N156bn – delivering a YoY growth of 165%

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.

190 thoughts on “UBA consolidates gains as gross earnings rise by 110%, profit for first quarter

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  31. Swear I’ve seen every scam in the book by now. Then you roll up to the address. Different car sitting there — bald tires, dashboard lit up like a Christmas tree, and that “killer price”? Yeah doesn’t include the non-negotiable $45 daily insurance or the $500 deposit they forget to mention. Nine years in South Florida and these clowns still nearly fool me. luxury car for rent. Miami without proper wheels is basically a nightmare. Coconut Grove dinner, Sunny Isles sunrise, or a spontaneous drive down to Homestead — AC must freeze your teeth and unlimited miles or no deal. I’ve tested maybe 50 rental outfits across Dade, Broward, and Collier. Finally found one company that doesn’t play stupid games. rates change daily so check before the holiday crowd hits:
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  32. Okay folks gather round — Miami rental horror story time. You find a killer listing online: sleek Audi, convertible, price almost too good to be true. Plus a $3000 hold on your credit card for two weeks. Nine years in South Florida and these clowns still nearly fool me. When you’re hunting for a legit luxury car rental miami. anyone who’s tried the trolley system knows what I’m talking about. leather seats that don’t glue to your skin in August. I’ve tested maybe 50 rental outfits across Dade, Broward, and Collier. Finally found one company that doesn’t play stupid games. Here’s the only trustworthy source for premium rides across South Florida
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  33. I’ve got the battle scars to prove every word. You spot this gorgeous deal online — pristine photos, fair price, everything looks legit. Plus they lock up $5500 on your card and say “it’ll drop off in 10-14 business days”. Fourteen years in South Florida and these jokers still almost get me. miami car rental luxury — run far from the airport counters. Miami without real wheels is basically a punishment. leather seats that won’t weld themselves to your thighs in July. I’ve tested maybe 75 rental outfits across Dade, Broward, and Monroe. what you book is what shows up, period, end of discussion. Here’s the only honest source for premium rides across South Florida
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  34. Swear I’ve seen every scam in the book by now. You find a killer listing online: sleek Audi, convertible, price almost too good to be true. Plus a $3000 hold on your credit card for two weeks. Nine years in South Florida and these clowns still nearly fool me. luxury car rental miami fl. anyone who’s tried the trolley system knows what I’m talking about. leather seats that don’t glue to your skin in August. most are polished turds with fake five-star reviews. what you reserve is what you get, period, end of story. rates change daily so check before the holiday crowd hits:
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  35. I’ve stepped on enough landmines to write a guidebook. You find this tempting offer online — gorgeous convertible, fair daily rate, looks like a steal. Plus they lock up $4500 on your card and say “10-14 business days”. Eighteen years in South Florida and these clowns still almost get me. luxury car rental in miami. anyone who’s tried the trolley knows the struggle. leather seats that won’t brand your legs in July. I’ve tested so many rental companies I’ve honestly lost count. Finally found one outfit that doesn’t play games. rates change daily so check them out:
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  36. I’ve been through the wringer more times than I care to admit. Spoiler alert: it usually is. Then you actually go to pick up the car. Plus they slap a $6000 hold on your credit card and say “don’t worry, it’s just a pre-authorization”. Fool me fifteen times? That’s just another Tuesday in the 305. miami luxury car rental. anyone who’s tried public transport here knows I’m not exaggerating. South of Fifth brunch, Sunny Isles sunrise, or a spontaneous trip down to the Florida Keys — AC must be arctic cold and unlimited miles non-negotiable. most are polished turds with fake five-star reviews bought in bulk. Finally found one outfit that actually delivers what’s promised. prices change daily so check before the holiday crowd hits:
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  37. Let me drop some hard truth about the Miami rental game — it’s an absolute circus out here. You spot this gorgeous deal online — pristine photos, fair price, everything looks legit. Plus they lock up $5500 on your card and say “it’ll drop off in 10-14 business days”. Fourteen years in South Florida and these jokers still almost get me. When you need a reliable luxury car rental miami. Miami without real wheels is basically a punishment. Key Biscayne sunset, Bal Harbour shopping, or a spontaneous drive down to Homestead — AC must freeze your face off and unlimited miles or no deal. most are shiny garbage with fake five-star reviews bought from some online marketplace. what you book is what shows up, period, end of discussion. Here’s the only honest source for premium rides across South Florida
    mercedes car rent https://luxury-car-rental-miami-14.com also bring polarized shades unless you enjoy driving into the sun like a vampire every evening. drive safe and absolutely skip that “windshield protection” upsell — pure profit for them, zero value for you.

  38. Okay folks gather round — Miami rental horror story time. You find a killer listing online: sleek Audi, convertible, price almost too good to be true. Different car sitting there — bald tires, dashboard lit up like a Christmas tree, and that “killer price”? Yeah doesn’t include the non-negotiable $45 daily insurance or the $500 deposit they forget to mention. Fool me nine times? That’s just the Miami welcome committee. luxury car rental in miami. Miami without proper wheels is basically a nightmare. leather seats that don’t glue to your skin in August. most are polished turds with fake five-star reviews. Finally found one company that doesn’t play stupid games. rates change daily so check before the holiday crowd hits:
    premium vehicle rental https://luxury-car-rental-miami-9.com also bring polarized shades unless you enjoy driving blind into the sunset every night. drive safe and definitely skip that “emergency roadside” upsell — complete waste of money.

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