UBA earnings rise by 143%, profit hits N757.7 billion

• Total assets rise by 90.2% to N20.65 trillion

UNITED Bank for Africa ( UBA) Plc has released its audited financial results for the full year ending December 31, 2023, showing exceptional and impressive performance across all major performance indicators.

The 2023 financials, filed by the bank at Nigerian Exchange Limited ( NGX) on Monday, showed an impressive leap in gross earnings, as it grew from N853.2 billion recorded at the end of 2022 to close at N2.08 trillion, representing a strong 143 percent growth.

The banks’ total assets also rose remark ably by 90.22 per cent, doubling the N10 trillion mark to close at N20.65 trillion in December 2023, up from N10.86 trillion in 2022. The leap remains a very significant achievement and milestone in the history of the financial powerhouse.

Despite the highly challenging global economic and business environment, UBA recorded a laudable profit before tax, with an exponential growth of 277 per cent, to close the year under review at N758 billion, rising from N201 billion recorded at the end of the 2022 financial year; while profit after tax ( PAT) grew by 257 percent from N170 billion in 2022, to N608 billion in the year under consideration.

UBA Group shareholders’ funds rose from N922 billion as at December 2022 to close the 2023 financial year at N2 trillion, achieving an impressive growth of 120.2 per cent, compared to prior year. In the year under consideration, UBA Group cost- toincome ratio dropped from 59.2 per cent in 2022, to 37.2 per cent pointing to the Group’s improving efficiency.

In fulfilment of the promise made by the UBA Group Chairman, Tony Elumelu, to shareholders at the last Annual General Meeting ( AGM), the bank proposed a final dividend of N2.30 kobo for every ordinary share of 50 kobo, for the financial year ended December 31, 2023. The final dividend is subject to the ratification of the shareholders during its upcoming AGM.

The bank also recorded a 61.3 percent growth in loans to customers, moving up to N5.5 trillion in 2023, while customer deposits improved by 90.31 per cent to N14.9 trillion, compared to N7.8 trillion recorded in the corresponding period of 2022, reflecting increased customer confidence, enhanced customer experience, successes from the ongoing business transformation programme and deepening of its retail banking franchise.