UBA records 31.2% rise in profit to N201bn in 2020

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United Bank for Africa (UBA) Plc has recorded a 31.2 per cent increase in profit before tax to N201 billion for the financial year ended December 31, 2022, from N153.01 billion in 2021.

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Similarly, the bank recorded a 43.5 per cent increase in profit after tax (PAT) to N170.2 billion in 2022 from N118.7 billion recorded the year before.

The bank disclosed this in its audited financial results for the full year ended December 31, 2022, filed at Nigerian Exchange Limited (NGX).

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The results showed that gross earnings rose significantly to N853.2 billion from N660.2 billion recorded at the end of the 2021 financial year, representing a strong 29.2 per cent growth.

Total assets rose remarkably by 27.2 per cent, crossing the N10 trillion mark, to close at N10.9 trillion in December 2022; up from N8.5 trillion in 2021. This is a very significant achievement and milestone in the history of the powerhouse financial institution.
Consequently, UBA Group Shareholders’ Funds rose to N922.1 billion, as at December 2022, achieving an impressive growth by 14.6%, compared to prior year.

In the year under consideration, UBA Group cost-to-income ratio dropped to 59.2 per cent, from over 60 per cent in prior year, pointing at the group’s improving efficiency.

In its usual tradition of rewarding shareholders, the bank proposed a final dividend of 90 kobo for every ordinary share of 50 kobo, for the financial year ended December 31, 2022.

The final dividend, which is subject to the ratification of the shareholders during its upcoming Annual General Meeting (AGM) will bring the total dividend for the year to N1.10 per share, as the bank had paid an interim dividend of 20 kobo, based on its audited 2022 half year results.

Also worthy of note, UBA recorded a 21.4 percent growth in loans to customers, moving up to N3.4 trillion in 2022, whilst customer deposits improved by 22.9 percent to N7.8 trillion, compared to N6.4 trillion recorded in the corresponding period of 2021, reflecting increased customer confidence, enhanced customer experience, successes from the ongoing business transformation programme and the deepening of its retail banking franchise.

Commenting on the result, Group Managing Director/CEO, Oliver Alawuba, said notwithstanding the tight and challenging operating environment, UBA continues to deliver significant performance.

He said: “The group delivered record headline earnings (+29.2 per cent) and profitability (+31.2 per cent) amid significant headwinds in markets where we are present and a heightened global risk environment.

“Our record earnings, growth and robust capital levels supported higher returns for the shareholders. The group is on course to achieve its strategic goals, and we are confident we will deliver our targets.

On the outlook for the year 2023, Alawuba said: “We are strategically positioned to increase our market share in our countries of presence, with expansion to Dubai, United Arab Emirates and strong growth of our digital banking and payment businesses, which is pivotal to the evolving cashless economy in Nigeria. We strive to deliver increasingly attractive returns to our shareholders and continued positive impact in the geographies and economies in which we operate.”

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