United Bank for Africa (UBA) Q3 2024 earnings summary

Executive summary

• Achieved strong financial performance for the nine months ended 30 September 2024, with significant growth in revenue, net income, and total assets year-over-year.

• Maintained robust capital and liquidity positions, supporting expansion across Africa and other markets.

• Applied hyperinflationary accounting for Ghana and Sierra Leone subsidiaries due to economic conditions.

Financial highlights

• Interest income rose to ₦1.80 trillion for 9M 2024, up from ₦666.3 billion in 9M 2023; net interest income reached ₦1.10 trillion.

• Net fee and commission income increased to ₦233.9 billion from ₦114.3 billion year-over-year.

• Profit before tax was ₦603.5 billion, up from ₦502.1 billion; net profit attributable to owners was ₦505.4 billion, up from ₦442.0 billion.

• Total assets grew to ₦31.8 trillion as of September 2024, compared to ₦20.7 trillion at December 2023.

• Basic and diluted EPS for 9M 2024 was ₦14.78, up from ₦12.93 in 9M 2023.

Outlook and guidance

• Management expects even operational performance throughout the year, with macroeconomic factors potentially impacting future results.

• Ongoing focus on digital banking, regional expansion, and risk management to sustain growth.