UBA to navigate regulatory changes, consolidate growth

• Assets rise 90.22% to close at N20.65 trillion in 2023

UNITED Bank for Africa ( UBA) Plc has outlined its strategies aimed at navigating the dynamic and ever- evolving banking landscape, while also consolidating growth prospects for the 2024 financial year.

To this end, the bank will focus on regulator y compliance and sustainable value creation as it aims to sustain its current growth momentum and enhance shareholder confidence.

UBA’S Group Managing Director/ Chief Executive Officer, Oliver Alawuba, disclosed this to the bank’s local and international investors during its 2023 Full Y ear In vestors’ Conference Call on Friday , following the release of the bank’s financial result for the year ended December 31st, 2023.

At the end of the 2023 financial year, UBA recorded 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; rep - resenting a strong 143 per cent growth; total assets also rose remarkably by 90.22 per cent, to close at

N20.7 trillion up from N10.9 trillion in 2022. Profit before tax grew exponentially by 277 per cent, to close at N757.7billion, up from N200.9 billion recorded in 2022; while profit after tax ( PAT) increased by 257 percent from N170.2 billion in 2022, to N607.7 billion.

The GMD expressed confidence that based on the bank’s strategic business investments in the last year, UBA remains on the trajectory of achieving and even surpassing its targets for the current financial year, adding that the bank’s strong diversity across Africa and beyond, gives it the needed edge to serve its teeming customers.

On the recently released Central Bank of Nigeria ( CBN) circular on minimum capital for banks, the GMD said that as it stands, UBA remains among the top capitalised banks, as he added that the bank is actively exploring a welldefined strategy to boost its capital base and ensure compliance within the regulatory time frame.