UBA’s profit rose to N153bn in 2021

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United Bank for Africa Plc said it recorded N153bn profit for the 2021 financial year ended December 31, 2021.

This was disclosed in a statement, titled ‘UBA delivers N153bn profit, records 11 per cent balance sheet growth’, and filed by the bank with the Nigerian Exchange Group.

The statement said, “Despite the huge challenging business and slow economic recovery in most of its countries of operations, UBA’s profit before tax was impressive with a 20.3 per cent growth to N153.1bn, compared to N127.3bn at the end of the 2020 financial year; while profit after tax rose grew by 8.7 per cent to N118.7bn in 2021, compared to N109.2bn recorded the previous year.”

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

The bank also disclosed that its gross earnings rose by seven per cent to N660.2bn as of the end of December 31, 2021, from N616.8bn at the end of the 2020 financial year.

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