In a resounding testament to its unwavering commitment to shareholders and its steadfast trajectory of growth, United Bank for Africa (UBA) Group Plc, known as “Africa’s Global Bank,” has unveiled its impressive financial performance for the first half of 2023.
UBA Group reported a staggering 371% increase in Profit Before Tax (PBT), reaching an impressive $829.7 million, compared to $204.5 million during the same period in 2022. The bank achieved a remarkable leap in its Profit After Tax (PAT), recording $776.79 million, reflecting an astounding 437.8% increase from the corresponding period in 2022.
Gross Earnings for the group experienced an exponential growth of 164%, surging to $2.02 billion as of June 2023, a substantial rise from $888.2 million in June 2022. UBA’s Total Assets witnessed a significant uptick, soaring to $20.3 billion, representing a remarkable 41.7% increase from the previous year’s closing figure of $14.4 billion. Customer Deposits registered substantial growth, increasing by 42.4% to reach $14.7 billion during the period, compared to $16.9 billion at the close of 2022. The bank’s Shareholders’ Funds expanded to $2.26 billion, a testament to its robust internal capital generation capability. In line with its tradition, UBA’s Board approved an interim dividend of 0.07 cents per share, reflecting a significant increase of over 150% from the previous year.
Mr. Oliver Alawuba, UBA’s Group Managing Director/Chief Executive Officer, attributed this exceptional performance to the group’s diversified strategy, which encompasses operations across Africa and globally. He underscored the positive impact of international expansion, particularly in the United Arab Emirates (UAE), and emphasized the pivotal role of UBA as the financial intermediary connecting Africa to the rest of the world.
Alawuba affirmed that UBA is firmly on a growth trajectory, further bolstering its risk management practices, making strategic technology investments to enhance customer service, and funding landmark projects in critical sectors across African economies. Looking ahead, Alawuba expressed confidence in sustaining this robust performance throughout the remainder of the year, reaffirming the group’s unwavering commitment to delivering superior returns to its valued shareholders.
Ugo Nwaghodoh, UBA’s Executive Director of Finance and Risk, underscored the bank’s robust financial position, with shareholders’ funds standing at N1.7 trillion and a capital adequacy ratio of 36.4 percent.
UBA Group, a prominent pan-African financial institution, operates in 20 African countries and maintains offices in New York, London, Paris, and the UAE. With a customer base exceeding thirty-seven million, the bank offers a comprehensive suite of banking services, including retail, commercial, and corporate banking, cross-border payments, trade finance, and remittances, among others.