The United Bank for Africa (UBA) has announced a stellar performance for the 2023 financial year, achieving record highs in both gross revenue and profit.
Gross revenue surged by an impressive 143% to N2.08 trillion, the highest ever for the bank. Profit after tax also saw significant growth, reaching N607.69 billion. These positive figures were revealed by UBA’s Chairman during the bank’s annual general meeting.
Several factors contributed to UBA’s success. The bank increased deposits by 93%, and its loan book expanded by 61%. Strategic investments and a focus on foreign exchange operations also played a role in boosting the bottom line.
While non-performing loan ratios remain a concern, UBA emphasizes its commitment to cost discipline and strategic growth initiatives.
Source: Daily Trust