Event

United Bank of Africa (“the Group”) reported an impressive financial performance with significant growth in both topline and middle-line metrics in Q3 2023. Gross earnings rose by 39% year-on-year to N327.09bn from N235.93bn in Q3 2022. The growth was supported by a 46% rise in interest income lines and a 28% year-on-year growth in non-interest income. The performance was on the back of the Group’s ability to fully leverage the rising interest rate environment using her balance sheet size (9M 2023: N16.23trn vs FY 2022: N10.86trn +50%)  and improved digital offerings to deliver value to its customers.

Outlook

Following the impressive Q3 2023 numbers, we revised our FY 2023 gross earnings to N1.73trn (previously:  N1.50trn) as interest income line remains the major driver, while profit after tax is expected to settle at N549.90bn, effectively our EPS stands at N16.08 (previously N13.34).

Please follow the link “UBA 9M 2023 – Balance Sheet Growth Spurs Earnings” to view the whole report.

Thank you.