UBA Ghana has announced the third quarter performance showing significant growth across key financial metrics.
The bank reported a 19.57% year-on-year increase in Profit Before Tax from GHȼ355m in Q3 2023 to GHȼ424m in Q3 2024.
This growth is largely attributed to prudent risk management practices which enabled the bank to write back impairment on loans and other investment securities.
Additionally, continued improvements in operational efficiencies ensured that operating expenses were tightly controlled and remained largely unchanged.
The bank’s total assets grew by 47.67% year-on-year. (from GHȼ6.5b in prior year to GHȼ9.5B in Q3 2024). The growth in the total assets was funded by increase in deposits from customers.
Customer deposits saw a remarkable 44.56% year-on-year increase, from GHȼ4.b to GHȼ 7.08b. This significant growth in deposits was achieved through the implementation of strategic deposit mobilization initiatives, which have enabled the bank to enhance its reach and engage customers with innovative, customer-focused deposit solutions.
Managing Director of UBA Ghana, Uzoechina Molokwu attributed the success chalked to the hard work of staff stating “we have been faced with some head wings this year also as the impact of the DDEP still lingers on but our employees have remained resolute in the face of these difficulties.”
Uzoechina Molokwu who is also the Chief Executive Officer expressed his appreciation to customers for their unflinching support and trust in the bank which ensure that the bank continue to grow.
The Gross Non-Performing Loan (NPL) ratio dropped from 23.3% to 13.8%, marking a 9.5% year-on-year drop. %. The drop in NPL ratio was as a result of improved loan monitoring and loan recoveries over the period.
Mr. Molokwu further noted that the Bank will continue to drive the customer first philosophy as well as innovation to continue to delight the customers at every interaction.
“UBA Ghana remains poised to build on its momentum as it marks 20 years of dedicated service in Ghana. By leveraging innovative solutions and tailored services, UBA Ghana aims to drive growth, support customers, and strengthen its position as a leading bank in Ghana.”
