United Bank for Africa (UBA) Plc has reported extraordinary financial performance for the first half of 2023, with a Profit Before Tax (PBT) of N404 billion, marking an astonishing 371 per cent increase compared to the same period in 2022.
This impressive performance, according to a statement, was revealed in UBA’s audited financial report filed at the Nigerian Exchange Limited (NGX) on Tuesday.
The key highlights of UBA’s remarkable financial performance include:
– Profit Surge: UBA achieved a Profit After Tax (PAT) of N378.24 billion, representing a substantial leap of 437.8 percent over the first half of 2022.
– Gross Earnings: The Group delivered a 164 percent growth in Gross Earnings, soaring to N981.78 billion in June 2023, up from N372.36 billion in June 2022.
– Total Assets: UBA’s Total Assets hit a staggering N15.38 trillion, demonstrating a remarkable 41.7 percent increase from the end of the previous year.
– Customer Deposits: Customer Deposits rose significantly by 42.4 per cent, reaching N11.14 trillion, compared to N7.8 trillion recorded at the end of 2022.
– Shareholders’ Funds: Shareholders’ Funds increased to N1.712 trillion, showcasing the Group’s robust capacity for internal capital generation.
In celebration of this outstanding performance, UBA’s Board approved an interim dividend of 50 kobo per share, representing a more than 150 percent increase over the prior year.
UBA’s Group Managing Director/Chief Executive Officer, Mr. Oliver Alawuba, attributed this exceptional performance to the Group’s commitment to delivering consistent value to shareholders. He emphasized that the growth in international business, particularly in the UAE, reinforced the Group’s diversification strategy across Africa and globally.
Mr. Alawuba stated, “Our business is on a steady growth trajectory as we further strengthen our risk management practices and make necessary technology investments to deliver premium service to our customers. We have also continued to finance landmark projects in critical sectors of the economies across Africa, facilitating intra-Africa trade and providing a versatile last-mile distribution network for Africa-bound donor and multilateral agency funds.”
UBA’s Executive Director Finance & Risk, Ugo Nwaghodoh, added, “Our HY2023 financial numbers reflect excellent performance across key metrics, as we diligently execute our priorities for the year. Annualized return on average equity at 57.7% was bolstered by improved operating income and revaluation gains.”
With a presence in 20 African countries, New York, London, Paris, and now the UAE, UBA remains a leading pan-African financial institution, connecting people and businesses across the continent through a wide range of banking services, cross-border payments, trade finance, and more.
UBA’s remarkable financial results for the first half of 2023 demonstrate its resilience and commitment to delivering value to stakeholders while advancing its strategic priorities for continued growth.