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UBA Records Impressive 110% Surge in Gross Earnings

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Solid Start to 2024, UBA Consolidates Gains as Gross Earnings Rise by 110%, Profit for [Quarter] Hits N156bn – delivering a YoY growth of 165%

United Bank for Africa Plc (UBA), Africa’s Global Bank, released its financial results for the first quarter ended March 31st, 2024, showing very strong growth across key performance measures.

The Group’s results, which were released to the Nigerian Exchange Limited (NGX) on Friday May 3rd, 2024, saw outstanding year-on-year increases: Gross Earnings rose by 110%, from N271.1billion to N570.2 billion; Interest Income grew by 130%, to N440.7 billion.  Operating Income increased by 115%, from N175.7 billion in 2023, to N378.59 billion.

Further consolidating the record performance delivered in the Group’s 2023 Full Year Audited Financials, UBA again saw Profit Before Tax rising significantly by 155% from N61.7 billion in Q1 2023, to N156.34 billion in Q1 2024; while Profit After Tax jumped from N53.5 billion to N142.5 billion, representing an impressive rise of 165% year-on-year.

Commenting on the results, UBA’s Group Managing Director, Oliver Alawuba, said the Group delivered strong first quarter performance, building on the solid momentum of 2023, as well as the ongoing execution of its long-held strategy of customer focus, geographic diversification and effective risk management and governance.

He said, “Our record Q1 profit before tax was delivered with triple digit gross earnings growth, supported by very strong interest and non-interest income. Fees and Commissions rose by 118% year-on-year on the back of improved efficiencies and continued digital adoption.  This has helped drive improvement in efficiency and customer satisfaction, with the Group’s cost-to-income ratio held at 57.8%.”

“The Group’s balance sheet grew steadily with Total Assets increasing by 23% to N25.4 trillion. Customer deposits closed at N18.4 trillion, recording a 23% increase year-on-year, largely attributed to growth in current accounts and savings accounts.”

“Our unwavering commitment to sound governance, robust risk management, and financial strength positions us for continued growth, while we contribute meaningfully to inclusive economic development across our network.”

Also speaking on the performance, UBA’s Executive Director, Finance and Risk, Ugo Nwaghodoh, said the Group’s operating results for the quarter showed the actions taken to enhance the Group’s performance continued to deliver.

He said, “Our first quarter results highlight our relentless customer focus and the strength of UBA’s geographic and product diversification, with good performance across all our regions.  We continue to differentiate ourselves across all key financial metrics, with a keen focus on high-quality risk adjusted revenues and cost discipline, while maintaining very sound asset quality.“

“We remain committed to reducing both interest expense and operating expenses and expect to make steady progress as we move through the year toward our stated profitability targets,” Nwaghodoh stated.

United Bank for Africa Plc is a leading Pan-African financial institution, offering banking services to more than twenty-five million customers, across over 1,000 business offices and customer touch points, in 20 African countries and across 4 continents.

With presence in the United States of America, the United Kingdom, France and the United Arab Emirates, UBA connects people and businesses across Africa through retail; commercial and corporate banking; innovative cross-border payments and remittances; trade finance and ancillary banking services.

 

 

 

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Governor Umo Eno Dissolves Akwa Ibom State Executive Council

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Governor Umo Eno of Akwa Ibom State has dissolved the State Executive Council with immediate effect, according to a statement from the Secretary to the State Government, Mr. Enobong Uwah.

The dissolution affects all commissioners and special advisers, who are instructed to hand over their duties to the permanent secretaries in their respective ministries. In ministries lacking permanent secretaries, the most senior director is to assume responsibility.

The governor expressed his gratitude to the outgoing council members for their service and contributions to the state’s development, wishing them success in their future endeavors.

Governor Eno inherited the executive council members from his predecessor, Mr. Udom Emmanuel, nearly 19 months ago.

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PDP Welcomes Founding Fathers Back to Party in Akwa Ibom State

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The Peoples Democratic Party (PDP) in Akwa Ibom State has celebrated the return of two prominent founding members, Chief Edet Isong and Prince Emmanuel Isong, to the party.

The Ward 2 branch of the PDP in Urue-Offong/Oruko formally welcomed the returnees at a grand ceremony in Uyo, marking their reintegration into the party.

Chief Edet Isong, a former Transition Chairman of Urue-Offong/Oruko, expressed enthusiasm about rejoining the PDP, describing it as “coming back home to contribute, support, and work for my family, the PDP.” He commended Governor Umo Eno’s leadership and the state’s developmental strides, citing projects like the Nsit Atai-Okobo Road as evidence of progress under the administration.

Prince Emmanuel Isong, a retired Director with the Independent National Electoral Commission (INEC), also returned to the PDP, bolstering the party’s presence in Ward 2 and the Urue-Offong/Oruko community.

The Deputy Ward Chairman, Mrs. Nkoyo Unanaonwi, expressed joy at the return of the two stalwarts, highlighting their invaluable contributions to the party and community. “Their return is a big win for our party,” she noted.

Goodwill messages flowed from stakeholders, including Hon. Victor Amah, Chief Daniel Afiakurue, and Comrade Clement Walter, who celebrated the reunion as a significant boost for the PDP.

Chief Isong, previously affiliated with the Young People’s Party (YPP) after leaving the All Progressives Congress (APC), stated his decision was influenced by the steadfast leadership in the PDP and Governor Umo Eno’s people-focused agenda.

The ceremony marked a pivotal moment for the PDP in Urue-Offong/Oruko, as members expressed optimism about the party’s future strengthened by the return of its founding fathers.

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Akwa Ibom PDP Declares Governor Umo Eno Sole Candidate for 2027 Governorship Election

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The Peoples Democratic Party (PDP) in Akwa Ibom State has endorsed Governor Umo Eno as its sole candidate for the 2027 governorship election, despite the general election being over two years away.

The decision, announced at the PDP Enlarged State Executive Council Meeting on 6 January 2025, was formalized in a communiqué signed by the party’s state chairperson, Aniekan Akpan. The party cited Governor Eno’s “outstanding performance” and “exemplary leadership” under his Arise Agenda as reasons for the endorsement.

“His vision has delivered significant dividends of democracy for Akwa Ibom State,” the communiqué stated.

This move effectively excludes other aspirants within the party, consolidating Governor Eno’s position as the PDP’s flagbearer in a state that has remained a PDP stronghold since 1999.

Governor Eno, who assumed office on 29 May 2023, dissolved his cabinet hours before visiting the PDP state secretariat in Uyo on Saturday.

With opposition parties like the All Progressives Congress currently weak in the state, Governor Eno appears well-positioned for a second term in 2027.

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