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Event
United Bank for Africa Plc (UBA or “The Group”) reported exceptional financial performance in Q3 2024, setting a record for quarterly earnings. Gross earnings surged by an impressive 214% year-on-year, reaching N1.03trn, driven by strong growth in both interest income and non-interest income. Specifically, interest income rose by 233% year-on-year to N791.74bn, while non-interest income jumped by 159% to N178.15bn.
Outlook
We maintain our BUY recommendation on the stock, as the Group is on track to end the year with a 57% growth in gross earnings, reaching N3.27trn, and a profit after tax of N721.91bn. Additionally, we expect a final dividend of N3.00, following the interim dividend of N2.00 that has already been declared.
Please follow the link “United Bank for Africa 9M 2024 – Aiming for a Record-Setting Strong Year-End Performance” to view the whole report.
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