UBA Nigeria Plc boosts profit by 257% in FY 2023


April 9, 2024.

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Azonuchechi Chukwu.

UBA Nigeria Plc, one of Nigeria’s oldest and largest banks, reported its audited accounts for 2023, revealing gross earnings of N2 trillion, a significant increase from N835 billion just a year earlier.

This achievement marks the bank’s highest gross earnings on record and ranks as one of the highest in the banking sector for 2023.

Following this remarkable top-line performance, the bank announced a profit after tax of N607.696 billion in 2023, which represents a 257% surge from N170.277 billion in 2022.

This performance not only sets a record for the bank but also ranks among the top two best results observed so far.

Gross Earnings: N2 trillion (+139.5%)

Interest Income: N1,075 (+93%)

Net Interest Income: N707.540 billion+ 86%

Net Fees and Commission Income: N189.059 billion (+47.7%)

Trading and Foreign Exchange Gains: N659.25 billion (+814%)

Profit Before Income Tax: N757.680 billion, (+277%)

Profit for the Year: N607.696 billion (+257%)

Earnings per share: N17.49 (+264%)

Deposits from customers: N14.89 trillion (+90.3%)

Loans and Advances to customers: N5.28 trillion (+66.7%)

Total Assets: N20.653 trillion (+100%)

Net Assets: N1.962 trillion (+121%)

Retained Earnings: N919.8 billion (+114%)

Share capital + Premium: N115.8 billion

Cash & Cash Equivalent: N3.2 trillion (+166%). (www.naija247news.com).

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Azonuchechi Chukwu
Azonuchechi Chukwuhttps://gravatar.com/azonuchechivchukwu
Azonuchechi Chukwu - Business Journalist at Naija247news.com Azonuchechi Chukwu is a seasoned business journalist contributing to the insightful coverage of economic and financial news at Naija247news.com. With a passion for unraveling the complexities of the business world, Azonuchechi brings a wealth of expertise and dedication to his role. As a Business Journalist, Azonuchechi specializes in providing comprehensive analyses of market trends, corporate developments, and economic indicators. His in-depth reports offer Naija247news.com readers a nuanced understanding of the forces shaping the Nigerian and global business landscapes. Azonuchechi Chukwu's commitment to journalistic excellence is evident in his ability to translate complex financial information into accessible and engaging narratives. Whether exploring stock market fluctuations, corporate strategies, or economic policies, he strives to deliver content that empowers readers with valuable insights. With an educational background in business and a keen interest in the intersection of finance and technology, Azonuchechi stays at the forefront of industry dynamics. His coverage extends beyond traditional financial reporting, encompassing the dynamic realms of fintech, entrepreneurship, and sustainable business practices. Azonuchechi Chukwu's work goes beyond the surface, aiming to foster financial literacy and awareness among Naija247news.com's audience. By demystifying economic complexities and shedding light on emerging opportunities, he plays a pivotal role in keeping readers well-informed in the fast-paced world of business. As Naija247news.com's Business Journalist, Azonuchechi Chukwu continues to make meaningful contributions to the platform's mission of delivering timely, accurate, and relevant business news to its diverse audience. His dedication to journalistic integrity and his ability to navigate the intricacies of the business realm make him an invaluable asset to the Naija247news.com team.

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