United Bank for Africa (UBA) Plc, often referred to as Africa’s Global Bank, has reported remarkable financial results for the first half of 2023. Despite challenging global economic conditions and geopolitical issues in Africa, UBA Group’s profit before tax surged by an extraordinary 371%, reaching N404 billion compared to N85.75 billion in the first half of 2022. This translates to an annualized Return on Average Equity of 57.7%.
Additional highlights include:
- Profit After Tax (PAT): The PAT for the first half of 2023 was N378.24 billion, a leap of 437.8% over H1 2022.
- Operating Income: Grew by an impressive 206.6% to N783.96 billion in June 2023, compared to N255.67 billion the previous year.
- Gross Earnings: Saw a 164% growth, rising to N981.78 billion as of June 2023, up from N372.36 billion in June 2022.
- Total Assets: Surged past N15 trillion, reaching N15.38 trillion, signifying a 41.7% increase from N10.86 trillion at the end of the previous year.
- Customer Deposits: Rose sharply by 42.4% to N11.14 trillion, compared to N7.8 trillion at the end of 2022.
- Shareholders’ Funds: Increased to N1.712 trillion, reflecting the Group’s robust internal capital generation capacity.
- Dividends: The Board approved an interim dividend of 50 kobo per share, a 150% increase over the previous year.
UBA’s Group Managing Director/Chief Executive Officer, Oliver Alawuba, highlighted that this exceptional performance underscores the Group’s commitment to delivering value to its shareholders. He attributed the positive results to progress in digital payments, retail expansion, and gains from the harmonization of foreign exchange rates.
Oliver Alawuba emphasized that the Group’s diversification strategy across Africa and globally, along with recent international expansions, contributed significantly to this robust performance. He also emphasized the pivotal role UBA plays as the financial intermediary for Africa and the world.
Looking ahead, Alawuba expressed confidence in sustaining this strong performance, consolidating on H1 2023 results, and delivering superior returns to shareholders. UBA’s Executive Director of Finance & Risk, Ugo Nwaghodoh, also highlighted that the bank’s half-year 2023 financial numbers reflect excellent performance across key metrics, as the bank diligently executes its strategic priorities. He noted that the bank maintains robust capital buffers to support business growth and loss absorbency.
UBA, a leading pan-African financial institution, serves over thirty-seven million customers across 1,000 business offices in 20 African countries, with a global presence including New York, London, Paris, and the UAE. The bank offers a range of services including retail, commercial and corporate banking, cross-border payments, trade finance, and ancillary banking services.