FY 2023: UBA records N608bn profit, shareholders’ funds hits N2.0tn

United Bank for Africa (UBA) Plc, has released its audited financial results for the full year ended December 31, 2023, showing profit after tax (PAT) grew by 257 per cent from N170 billion in 2022, to N608 billion.

The 2023 financials, filed by the bank at Nigerian Exchange Limited (NGx) on Monday, showed an impressive leap in gross earnings, as it grew from N853.2 billion recorded at the end of 2022 to close at N2.08tn; representing 143 percent growth.

The banks’ total assets also rose by 90.22 per cent, doubling the N10 trillion mark, to close at N20.65 trillion in December 2023; up from N10.86 trillion in 2022.

UBA recorded a laudable profit before tax, with an exponential growth of 277 percent, to close the year under review at N758 billion, rising from N201 billion recorded at the end of the 2022 financial year.

Consequently, UBA Group Shareholders’ Funds rose from N922 billion as at December 2022 to close the 2023 financial year at N2.0tn, achieving a growth of 120.2%, compared to prior year.

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In the year under consideration, UBA Group cost-to-income ratio dropped from 59.2%, in 2022, to 37.2 per cent pointing at the Group’s improving efficiency.

The bank proposed a final dividend of N2.30 kobo for every ordinary share of 50 kobo, for the financial year ended December 31, 2023. The final dividend is subject to the ratification of the shareholders during its upcoming Annual General Meeting (AGM).

Commenting on the results, UBA’s Group Managing Director/Chief Executive Officer, Oliver Alawuba, said: “The bank’s diversified business model (Pan-African and International strategy) is justified by the contribution of its Ex-Nigeria business to the Group’s results and reinforces its resolve to expand our market share of customers, funding, digital and transaction banking businesses across Africa.”

UBA’s Executive Director, Finance & Risk Management, Ugo Nwaghodoh, said the 2023 full year was a particularly eventful year, with galloping inflation and currency depreciation ravaging key markets, amidst pockets of regional conflicts and security challenges.