Nigerian billionaire Tony Elumelu’s UBA posts $265.6 million in profit in 9M 2022

United Bank for Africa Plc (UBA), a leading pan-African financial services group led by Nigerian businessman Tony Elumelu, is on track to deliver another strong financial performance at the end of the current fiscal year after earning N116.04 billion ($265.66 million) in the first nine months of 2022.

Figures from the group’s recently published financial statement for the first nine months of 2022 revealed that its profits increased by nearly 11 percent during the period under review, from N104.6 billion ($239.5 million) to N116.04 billion ($265.66 million).

The strong earnings growth puts the Nigerian lender in a strong position to exceed the N118.68 billion ($283.6 million) total profit that it posted at the end of 2021, when its gross earnings rose by seven percent, from N616.84 billion ($1.47 billion) to N660.22 billion ($1.58 billion).

The double-digit increase in earnings can be attributed to the bank’s robust performance across its operating segments, which was in line with expectations, as the group increased gross earnings by more than 10 percent, owing mainly to double-digit growth in net interest and non-interest income.

The group stated that it will continue to leverage its customers and broad base operations to pursue its mission of providing superior value to stakeholders, as evidenced by an increase in low-cost customer deposits and strong growth in payments and transaction banking.

As a result of its strong financial performance, its assets increased by more than nine percent in the first nine months of 2022, from N8.541 trillion ($19.5 billion) at the start of the year to N9.319 trillion ($21.3 billion) as of Sept. 30, while retained earnings increased by more than N405 billion ($927.2 million).

UBA is one of Nigeria’s leading financial services conglomerates. It ranks as one of the continent’s top banks thanks to its extensive pan-African and international operations in 24 countries and on four continents, including the UK, United States, France, and, most recently, the United Arab Emirates.

Elumelu, one of Africa’s most powerful businessmen, owns a sizable 6.39-percent stake in the financial services group. His stake in the pan-African bank is presently valued at about $45 million.