United Bank for Africa (UBA) Plc, has posted N525.31 billion Profit after tax for the third quarter ended Sept. 30.

The bank disclosed this in its unaudited financial report filed with the Nigerian Exchange Ltd.(NGX) on Monday in Lagos.

This indicates 16.9 per cent increase, from N449.

26 billion posted in 2023.

Its profit before tax also rose by 20.

2 per cent to close at N603. 48 billion, compared to N502.09 billion recorded in the same period of 2023.

The bank’s gross earnings for the quarter grew by 83.2 per cent to N2.398 trillion, up from N1.308 trillion recorded in the corresponding period of 2023.

Also, its net interest income for third quarter stood at N1.

103 trillion, indicating 149 per cent surge from N443.0 billion posted at the end of the third quarter of 2023.

Group Managing Director, UBA, Mr Oliver Alawuba, said that the bank continued to maintain a strong balance sheet in the period under review, with total assets rising to N31.801 trillion.

Alawuba added that the figure represented 54.0 per cent increase over the N20.653 trillion recorded at the end of December 2023.

He noted that the bank benefitted largely from its technology-led initiatives, targeted at improving customer experience over the past few years, with its total deposits rising to N26.50 trillion.

According to him, this shows 52.7 per cent increase from N17.355 trillion at the end of the last financial year.

Alawuba further said UBA’s shareholders’ funds grew to N3.585 trillion from N2.030 trillion recorded in December 2023, due to strong capacity for internal capital generation and growth.

The GMD noted that the group continues to record strong and sustainable growth in its various revenue streams, building on its strong performance earlier in the year.

According to him, the bank’s performance has been underpinned by consistent strong growth on all core and sustainable banking income lines.

“The UBA group achieved a profit before tax of N603.5 billion and our intermediation business continues to show strong growth with net interest income expanding by 149 per cent Year-On-Year to N1.10trillion.

“NIM closed at 8.03 per cent, which is 17.60 per cent above the 2023 position, despite persisting macroeconomic headwinds, geopolitical tensions, insecurity, inflationary pressure and exchange rate volatilities across our markets.

“Our substantial investments in technology are yielding tangible business value. This commitment is instrumental in delivering enhanced customer experiences and optimising operational efficiency,”he said.

Commenting, the bank’s Executive Director, Finance and Risk, Mr Ugo Nwaghodoh, expressed excitement on the milestone reached in driving operational efficiency.

Nwaghodoh said this was reflected in cost-to-income ratio normalising around the 50 per cent range.

He stated that the growth recorded on the shareholders’ funds demonstrated the group’s significant capacity for future growth.

On plans to consolidate the bank’s performance for the rest of the 2024 financial year and beyond, Nwaghodoh said, “We remain on track with various strategies to optimise our cost of funds and operating expenses.

“The group has finalised plans to shore up its share capital to support its medium to long term aspirations, whilst aligning with the recent regulatory requirement in Nigeria and other jurisdictions.

“UBA remains committed to sustainable growth in its core banking revenue lines and maintaining its strong compliance and risk management culture, even as the group identifies further opportunities to expand.”UBA is a Pan-African financial institution offering banking services to more than 45 million customers, across 1,000 business offices and customer touch points in 20 African countries. NAN

By David Torough, Abuja

Former President Olusegun Obasanjo yesterday said the world is in serious leadership deficit.

Speaking at the 11th African Biblical Leadership Initiative (ABLI) 2024 Conference in Abuja, the former president lamented, “If there is any shortage in supply of anything in the world today, it is leadership.

”

The conference bore the theme Value-based Leadership: Model for Africa focused on raising new generation of transformational leaders in Africa and Nigeria in particular.

Obasanjo said, “Deficit of leadership is our major problem in the world today and of course, Africa being part of the world, we are not exempted and if you like, Nigeria being part of Africa, we are not exempted.

“When I got invitation as a chairman of this occasion, I took a critical look at the Biblical quality of leadership of great leaders in the Bible.

“These people possessed knowledge and understanding, they had mission, compassion and were competent and very close to God who is the greatest leader,” he said.

Obasanjo challenged world leaders, including those in Africa and Nigeria in particular, to lead with fear of God to overcome the present challenges.

He said leaders must possess, “quality of Biblical leaders who ruled the world of their generation with God’s wisdom”.

Also speaking at the event, the First Lady, Sen. Oluremi Tinubu said leaders at all level must promote justice to actualise the dream of “value-based leadership”.

Represented by Mrs Gloria Akobundu, the first lady said the value of justice is the foundation of Godly leadership as it ensures fairness, equity, equality and protection for everyone, especially the vulnerable in the society.

“Africa is at the crossroads facing numerous challenges that require effective godly leadership.

“As Christian leaders, we must embrace the value-based leadership model that reflects the teaching of Jesus Christ.

“This model is built on four foundational values – justice, integrity, wisdom and social harmony,” she said.

Prof. Jerry Gana, a former Minister of Information said leadership is critical to development in Africa and Nigeria in particular.

Gana said one of the objectives of the conference was to seek, unveil and inculcate fresh ideas to redefine the character of leadership and governance and transform the continent of Africa.

“In this very important and timely conference, we will unveil a fresh path to a brighter future that will help to redefine the character of leadership and governance and transform the continent of Africa.

“We want to thank the Bible Society of various countries coming together to continue with this conference that was started in 2010 in Addis Ababa, Ethiopia aimed at inspiring values in world leadership.

“In the world, characterised by unprecedented challenges and complexities, Africa stands at a critical juncture, the need for visionary, ethical, value-based leadership cannot be overlooked,’’ he said.The Keynote Speaker, Justice Mogoeng Mogoeng said African leaders must take the advantage of huge God-given resources to alleviate the people’s sufferings.

By Tony Obiechina, Abuja

Director-General Infrastructure Concession Regulatory Commission (ICRC) Dr Jobson Ewalefoh has said many airport projects undertaken by state governors lack commercial viability.

The ICRC boss stated this at the second Joint Public-Private Partnership Units’ Consultative Forum.

Over N160 billion has been channelled recently by Bayelsa, Nasarawa, Ekiti, Ebonyi, Yobe and Jigawa states for airport projects.

Ewalefoh described these allocations, which generate no revenue for the Federal Airports Authority of Nigeria (FAAN) as a misplaced economic priority.

He said, “When talking about infrastructure, it must be integrated, and we must speak with one voice.

“For instance, you have airport infrastructure projects going on in almost all the 36 states of the federation. With proper planning, that scenario can be avoided.

“I am from Edo State. There is an airport in the state and another one in Warri, Asaba and Anambra.

“Driving through those states with good roads is not up to one hour. So that’s why I think we all need to put our heads together and think of a national planning approach.

“Though we have a document, we can sit down and decide on priority projects to know which is best for one to do.

“Edo can build one project, Delta another one, Warri a different one but with integrated planning, such things can be avoided. We need to discuss at the national and sub-national level because Nigeria is sovereign, and we are one.”

Through integrated projects and collaboration with sub-national bodies, Ewalegoh said the frequency of unfeasible economic ventures would be addressed.