United Bank for Africa (UBA) Plc has unveiled its strategies to bolster growth prospects for the 2024 financial year. During the 2023 Full Year Investors’ Conference Call, UBA’s Group Managing Director/Chief Executive Officer, Oliver Alawuba, shared insights into the bank’s plans following the release of its financial results for the year ended December 31st, 2023.
UBA reported significant growth in gross earnings, soaring from N853.2 billion in 2022 to N2.08 trillion in 2023, marking a remarkable 143% increase. Total assets also witnessed a substantial rise of 90.22%, reaching N20.7 trillion compared to N10.9 trillion in 2022. Profit before tax experienced exponential growth, surging by 277% to close at N757.7 billion, up from N200.9 billion in 2022. Similarly, profit after tax (PAT) saw a notable increase of 257%, rising from N170.2 billion in 2022 to N607.7 billion in 2023.
With these impressive financial performances as a backdrop, UBA is poised to capitalize on its momentum and implement strategic initiatives to sustain growth and adapt to the evolving banking landscape in the year ahead.
Source: Daily Trust