United Bank for Africa (UBA) Plc, Africa’s global bank, delivered a remarkable performance for the half year ending June 30, 2023, as reported in its financial audited report.
According to its audited financial report, Africa’s global bank, United Bank for Africa (UBA) Plc, produced an outstanding performance for the half year ending June 30, 2023.
UBA Group declared a profit before tax of N404 billion, indicating a 371% increase over the N85.75 billion reported in the first half of 2022. This equated to an annualized Return on Average Equity of 57.7%, up from 17.1% the previous year.
The group recorded double and triple-digit growth across its major income lines, according to the results released to the Nigerian Exchange Limited (NGX) yesterday, as it continued to show significant progress in increasing the contribution and market share from its subsidiaries in Africa and globally.
Profit after tax (PAT) was likewise N378.24 billion, showing a 437.8% increase over H1 2022.
Operating Income increased by 206.6% to N783.96 billion in June 2023, from N255.67 billion the previous year.
The group’s gross earnings increased by 164% to N981.78 billion in June 2023, up from N372.36 billion the previous year in June 2022.
Total Assets maintained its strong upward trend, crossing the N15 trillion milestone at N15.38 trillion, a 41.7% increase from N10.86 trillion at the end of last year.
Customer deposits increased by 42.4% to N11.14 trillion over the period under consideration, compared to N7.8 trillion at the end of 2022.
Shareholders’ funds increased to N1.712 trillion, reflecting the group’s strong capacity for internal capital generation. In line with the group’s culture of paying both interim and final cash dividends, the Board approved an interim dividend of 50k per share, representing a 150% increase over the prior year. UBA’s Group Managing Director/Chief Executive Officer, Mr. Oliver Alawuba, commented on the results, saying the exceptional performance underscored the group’s strong capacity for internal.
“Our business is on a steady growth trajectory,” he continued, “as we further strengthen our risk management traditions and practises necessary technology investments to provide premium service to our customers.”
“We have also continued to finance landmark projects in critical sectors of African economies, facilitating intra-Africa trade and providing a versatile last-mile distribution network for Africa-bound donor and multilateral agency funds.”
Alawuba stated, “As we approach the last quarter of the year, the group remains strategically positioned to sustain the strong performance, consolidating on H1 2023 results, to deliver superior returns to our esteemed shareholders.”
