Finance

UBA posts N60.6 billion profit

UBA hits N608bn Profit After Tax, as gross earnings rise to N2.08trn in 2023

Amid harsh operating environment, United Bank for Africa Plc has posted a profit after tax (PAT) of N60.6 billion in its half-year (H1) operations as against N44.4 billion recorded in 2020.

Profit before tax (PBT) also rose from N57.1 billion to N76.2 billion, translating to an annualised return on average equity (ROE) of 17.5 per cent as against 14.4 per cent in 2020.

The percentage increase in PAT is 36.3 per cent while PBT rose by 33.4 per cent. The bank attributed the improved performance to its emphasis on tech-led innovation, best customer experience as well as huge investment in Africa, which enabled the bank to reap the benefits of pan-African business diversification.

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Its gross earnings rose to N316 billion from N300.6 billion in 2020, representing five per cent growth while total assets crossed the N8 trillion mark as it moved to N8.3 trillion, up from N7.7 trillion recorded in the 2020 financial year.

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Customers deposits also crossed the N6 trillion mark, growing by 7.4 per cent to N6.1 trillion in 2021, higher than N5.7 trillion posted in 2020.

The group’s shareholders’ funds remained robust at N752.5 billion, up from N724.1 billion in 2020, reflecting its strong capacity for internal capital generation.

The directors of the bank recommended an interim dividend of 20 kobo per share for every ordinary share held by its shareholders.
Group Managing Director/Chief Executive Officer of the bank, Kennedy Uzoka, expressed satisfaction with the performance despite the low-yield operating environment and weak economic recovery.

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He said: “This has been a strong first half for us, as global economic recovery exceeded expectations, creating a positive rub-off on consumer and corporate confidence, savings and investment activities.”

Guardian

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