Africa’s global bank, United Bank for Africa (UBA) Plc, delivered an outstanding performance for the half year ended June 30, 2023, as announced in its audited financial report.
UBA Group reported a profit before tax of N404 billion, representing an extraordinary increase of 371% when compared to N85.75 billion recorded in the first half of 2022. This translated to an annualised Return on Average Equity of 57.7% as against 17.1% a year earlier.
The results released to the Nigerian Exchange Limited (NGX) yesterday showed that the group recorded double and triple-digit growth across its major income lines, as it continued to show substantial progress in increasing the contribution and market share from its subsidiaries in Africa and globally.
The results also showed a profit after tax (PAT) of N378.24 billion, representing a leap of 437.8% over H1 2022.
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Operating Income grew by 206.6% to N783.96 billion in June 2023; higher than N255.67 billion reported a year earlier.
The group delivered a 164% growth in its gross earnings, which rose to N981.78 billion as of June 2023, up from N372.36 billion recorded last year in June 2022.
Total Assets continued a strong upward trajectory, rising above the N15trn mark, as it hit N15.38 trillion, representing a 41.7% leap up from N10.86 trillion recorded at the end of last year.
Customer deposits also rose by a sharp 42.4% to N11.14 trillion in the period under consideration; as against N7.8 trillion recorded at the end of 2022.
Shareholders’ funds increased to N1.712 trillion reflecting the group’s strong capacity for internal capital generation.
In line with the group’s culture of paying both interim and final cash dividends, the Board has approved an interim dividend of 50k per share, which represents over a 150% increase over the prior year.
UBA’s Group Managing Director/Chief Executive Officer, Mr. Oliver Alawuba commenting on the results said the exceptional performance underscored the group’s commitment to consistently deliver value to its shareholders; he added that the group made progress in digital payments, retail penetration and also benefitted from the effect of revaluation gains, arising from the harmonisation of foreign exchange rates at the different access windows in Nigeria.
Continuing he added, “Our business is on a steady growth trajectory, as we further strengthen our risk management traditions and practices necessary technology investments to deliver premium service to our customers.
“We have also continued to finance landmark projects in critical sectors of the economies across Africa, facilitating intra-Africa trade with our valuable offerings and providing a versatile last-mile distribution network for Africa-bound donor and multilateral agency funds.”
On the plans for the rest of the year, Alawuba said, “As we approach the last quarter of the year, the group remains strategically positioned to sustain the strong performance, consolidating on H1 2023 results, to deliver superior returns to our esteemed shareholders.”
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