Despite turbulence in the macroeconomic environment, the United Bank for Africa (UBA) made a hefty N201 billion as profit before tax in the 2022 financial year, representing an increase of 31.2 percent from N153.01 billion recorded at the end of the 2021 financial year.
Its audited financial results for the full year ended December 31, 2022 filed with the Nigerian Exchange Limited (NGX) showed that profit after tax grew by 43.5 percent to N170.2 billion in 2022, as against N118.7 billion in the corresponding period of 2021.
The bank said in a statement: “Despite the highly challenging global economic and business environment, UBA recorded a laudable profit before tax, with a 31.2 per cent growth, to close the year under review at N200.8 billion, rising from N153.01 billion recorded at the end of the 2021 financial year; while profit after tax grew by 43.5 percent to N170.2 billion in 2022, compared to N118.7 billion recorded the year before.
“Consequently, UBA Group shareholders’ funds rose to N922.1 billion, as at December 2022, achieving an impressive growth by 14.6 per cent, compared to prior year.”
A further breakdown showed that gross earnings rose significantly to N853.2 billion from N660.2 billion recorded in the same period of the prior year, representing a strong 29.2 per cent growth. Total assets rose by 27.2 per cent, crossing the N10 trillion mark, to close at N10.9 trillion in December 2022; up from N8.5 trillion in 2021.
“In the year under consideration, UBA Group cost-to-income ratio dropped to 59.2 per cent, from over 60 per cent in prior year, pointing at the Group’s improving efficiency.
“In its usual tradition of rewarding shareholders, the Bank proposed a final dividend of 90 kobo for every ordinary share of 50 kobo, for the financial year ended December 31, 2022.
“The final dividend which is subject to the ratification of the shareholders during its upcoming annual general meeting will bring the total dividend for the year to N1.10 per share, as the bank had paid an interim dividend of 20 kobo, based on its audited 2022 half year results.”
Commenting on the result, the Group Managing Director/Chief Executive Officer, Oliver Alawuba, said notwithstanding the tight and challenging operating environment, UBA continued to deliver significant performance.
UBA’s Executive Director, Finance and Risk Management, Ugo Nwaghodoh, said going by the recent performance, UBA remained on strong footing and was comfortably positioned to take on more opportunities in Nigeria, Africa and beyond.
