Money Market...Enter The significance of UBA's whopping Q3 N603.483 billion profit growth

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The United Bank for Africa (UBA) Plc has announced a remarkable profit before tax of N603.483 billion in its unaudited results for the third quarter (Q3) ended September 30, 2024. This impressive growth is a testament to the bank's strong performance and strategic initiatives.

The bank's financial results for Q3 showed strong and impressive growth across all its key indicators. The profit before tax grew by 20.2% compared to N502.09 billion recorded at the end of the third quarter of 2023. This growth is a reflection of the bank's ability to navigate the challenging macroeconomic environment and leverage opportunities for growth.


The UBA's net interest income expanded by 149% year-over-year to N1.10 trillion, with a net interest margin (NIM) of 8.03%. This impressive growth in net interest income is a result of the bank's focus on its core banking business and its ability to optimize its assets.

The bank's profit after tax also rose remarkably by 16.9% from N449.26 billion recorded a year earlier to N525.31 billion in the period under review. This growth is a reflection of the bank's commitment to sustainable growth and its ability to maintain a strong bottom line.

The UBA's strong financial performance is a testament to its robust business model and its ability to adapt to changing market conditions. The bank's focus on digital innovation and customer experience has enabled it to stay ahead of the competition and deliver value to its shareholders.

The bank's total assets rose to N31.801 trillion, representing a 54% increase over the N20.653 trillion recorded at the end of December 2023. Total deposits also grew by 52.7% to N26.50 trillion, up from N17.355 trillion at the end of the last financial year. These growth numbers demonstrate the bank's strong capacity for internal capital generation and growth.


The UBA's strong financial performance is a reflection of its commitment to delivering value to its shareholders and stakeholders. The bank's management team, led by Group Managing Director/CEO Oliver Alawuba, has demonstrated its ability to navigate challenging market conditions and deliver sustainable growth. The bank's future prospects look bright, and it is well-positioned to continue delivering value to its shareholders.

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