United Bank for Africa (UBA) has reported a significant increase in its financial performance for the year 2023. The bank announced a profit before tax (PBT) of N757.7 billion, marking a substantial rise from N201 billion in 2022. This represents a remarkable 277 percent year-on-year growth despite the challenging global economic conditions.
UBA also noted a substantial increase in its profit after tax (PAT), which surged by 257 percent from N170 billion in 2022 to N608 billion in 2023. Gross earnings for the bank grew from N853.2 billion in 2022 to N2.08 trillion in 2023, showcasing a robust financial performance.
Moreover, UBA’s total assets experienced a remarkable surge, rising by 90.22 percent to N20.65 trillion by the end of December 2023, compared to N10.86 trillion in 2022.
In response to these impressive results, Oliver Alawuba, the Group Managing Director and Chief Executive Officer of UBA, expressed satisfaction with the achievements, stating that the results underscore the bank’s commitment to expanding its market share and enhancing its digital and transaction banking businesses across Africa.
Alawuba highlighted the crossing of significant milestones such as the shareholder’s funds surpassing N2 trillion and total assets exceeding N20 trillion. He emphasized the bank’s readiness for further business expansion in 2024, boasting a capital adequacy ratio of 32.6%.
Ugo Nwaghodoh, UBA’s Executive Director of Finance and Risk Management, acknowledged the challenges faced in 2023, including inflation, currency depreciation, and regional conflicts. However, he praised the strong growth in earnings and profitability recorded by the bank.
Looking ahead to 2024, Nwaghodoh reaffirmed UBA’s commitment to sustainable growth, emphasizing the importance of maintaining robust compliance and risk management practices as the bank pursues its next phase of growth.
