UBA gross N119bn profit in 2021

United Bank for Africa (UBA) Plc, has released its audited results for the full year ended December 31, 2021, reporting a Profit After Tax of N118.7 billion compared to N109.2 billion recorded the previous year, a growth of 8.7 per cent.

The financial result filed by the bank at the Nigerian Stock Exchange (NSE) showed that gross earnings rose to N660.2bn representing an increase of 7 per cent compared to N616.8bn recorded in 2020.

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Total assets grew by 11 per cent to N8.5 trillion in the year under review, up from N7.7 trn in 2020.

UBA’s Profit Before Tax was impressive with a 20.3 per cent growth to N153.1 billion, compared to N127.3 billion at the end of 2020.

Similarly, net loans grew by 7.7 per cent growth to N2.8 trn, whilst customer deposits rose by 12.2 per cent to N6.4 trillion, compared to N5.7 trn in the corresponding period of 2020.

The bank’s operating income rose by 10% to N443 billion compared to N403 billion in the prior year, whereas operating expenses closed the period at N279 billion.

The bank proposed a final dividend of 80 kobo for every ordinary share of 50 kobo for the financial year ended December 31, 2021.

The final dividend, which is subject to the affirmation of the shareholders at its annual general meeting will bring the total dividend for the year to N1 as the bank had paid an interim dividend of 20kobo earlier in the year.

Commenting on the result, the Group Managing Director/CEO, Kennedy Uzoka, said: “The year 2021 can best be described as a year of global recovery; economies around the world began to witness early-stage recoveries, as supply chains recover from the devastating disruptions suffered in 2020.

The GMD explained that the quality of UBA’s portfolio, as well as the strength of the bank’s credit risk management frameworks and policies, remain the bedrock of the positive results that the bank has been recording over the years, adding that the current performance highlights UBA’s relentless customer focus and leverage on its key strategic levers – People, Process and Technology.

UBA’s Group Chief Financial Official, Ugo Nwaghodoh said the bank achieved further strides in growing its business and gaining market share across its pan-African operations, with the region accounting for 63.2% of the Group’s profitability, compared to 55.4% in 2020; loans and advances, as well as deposit in the region, were also up 14.5% and 27.3% respectively from a year earlier.