UBA Soars: Half-Year Earnings Skyrocket to N982 Billion, Profits Surge By 438%

Daud Olatunji

United Bank for Africa (UBA) has delivered a stunning performance in the first half of 2023, reporting a remarkable 438% increase in profit after tax, surging from N70.34 billion in the same period of 2022 to an impressive N378.24 billion.

The financial institution’s success story continues as its gross revenue soars by an astonishing 164%, reaching N981.78 billion by June 2023, compared to N372.36 billion recorded in June 2022. 

These remarkable figures were unveiled in UBA’s interim consolidated and separate financial statements for the period ending June 30, 2023, released on the Nigerian Exchange Limited.

As a testament to its robust growth, UBA’s total assets have expanded to N15.38 trillion, marking a remarkable 41.68% increase from N10.86 trillion at the end of December 2022. 

Additionally, the bank reported a profit before tax of N404 billion, reflecting a substantial 371% increase compared to N85.75 billion recorded in the same period of 2022, resulting in an annualized return on average equity of 57.7%, compared to 17.1% the previous year.

Customer deposits have also witnessed significant growth, rising by 42.4% to N11.14 trillion during the period under review, compared to N7.8 trillion at the end of 2022. 

Furthermore, shareholders’ funds have increased to N1.712 trillion, showcasing UBA’s robust capacity for internal capital generation.

 The board of directors has proposed an interim dividend of 50k per share, a substantial increase from 20k in 2022.

Commenting on this impressive performance, the Group Managing Director/Chief Executive Officer of UBA, Oliver Alawuba, emphasized the bank’s unwavering commitment to delivering value to its shareholders. 

Alawuba highlighted UBA’s strides in digital payments, retail penetration, and the positive impact of revaluation gains resulting from the harmonization of foreign exchange rates in Nigeria.

Alawuba stated, “The Group recorded strong double-digit growth in revenues and profits from its operations, the result also reflects the effect of sizable revaluation gains, arising from the harmonization of currency exchange rates in Nigeria.

 Our reporting currency found a new exchange level at about N756 to $1 as of 30 June 2023, compared to N465 at the beginning of the year. 

The results again demonstrate the benefits of our long-held diversification strategy across Africa and globally. 

The growth of our international business, most recently in the UAE, only reinforces this earnings quality.”

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