Recapitalisation: UBA Unveils Strategies to Comply with Regulatory Changes, Considers Rights Issue
The United Bank for Africa (UBA) Plc has outlined its strategies aimed at navigating the dynamic and everevolving banking landscape and consolidating growth prospects for the 2024 financial year.
The bank, in a statement, said it aims to focus on regulatory compliance and sustainable value creation as it seeks to sustain its current growth momentum and enhance shareholder confidence.
Group Managing Director/Chief Executive Officer, UBA, Oliver Alawuba, it said , disclosed this to the banks’ local and international investors during its 2023 Full Year Investors’ Conference Call, following the release of the bank’s financial result for the year ended December 31, 2023.
At the end of the 2023 financial year, UBA said it recorded an impressive leap in gross earnings, growing from N853.2 billion recorded in 2022 to close at N2.08 trillion; representing a strong 143 percent growth.
According to the bank, total assets also rose remarkably by 90.22 per cent, to close at N20.7 trillion up from N10.9 trillion in 2022.
Besides, UBA stated that Profit Before Tax (PBT) soared 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 per cent 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.
Alawuba added that the bank’s strong diversity across Africa and beyond, gives it the needed edge to serve its teeming customers.