UBA Records A Double Digit Growth of 12.6% in H1 2022

United Bank of Africa (UBA) released its financial report for the first half of 2022 on Thursday, which shows an increase of 12.6 percent in profit before tax. 

Amid the global and national challenges bedeviling the economy, the pan African bank reported N85.7 billion in profit before tax, against N76.2 billion reported in the first half (H1) of 2021.

UBA recorded double-digit growth across all income lines. Its gross earnings grew by 17.8 percent to N372.4 billion from N316 billion in the same period last year.

Operating income rose by 20.1 percent to N256 billion while profit after tax increased by 16.1 percent to N70.3 billion compared to N60.6 billion reported in H1 2021. 

UBA had its total asset increase by 5.4 percent to about N9 trillion. Loan and advances increased by 4 percent to N3 trillion whilst deposits rose by 7.9 percent to N7.6 trillion at the end of the period.

The bank shareholders’ funds, however, declined marginally by 2 percent to N788.5 billion while return on equity for the first six months of the year nonetheless closed strongly at 17.7 percent. 

Interestingly, the UBA Board of Directors announced an interim dividend of 20 kobo per share for every ordinary share of N0.50 each held by its shareholders.

The management of the UBA attributed the bank’s amazing performance in H1 2020 to its commitment to its numerous customers and its investment in technology to increase operational efficiency and improve customers’ experience. 

According to Oliver Alawuba, UBA’s Group Managing Director/Chief Executive Officer, “Our investments in state-of-the-art technology have continued to yield expected results and this is evident in the huge boost of our digital banking income, which grew 22.7percent year-on-year to N36.3 billion. These gains have enabled us to optimise net earnings amid the accelerating inflationary pressure, currency devaluation, and increased regulatory-driven costs,” he said