UBA Reports 256.89% Rise in Profit After Tax, Hits N607.69bn in 2023

United Bank for Africa Plc (UBA) has reported a 256.89% increase in profit after tax to N607.69 billion in the full year ended December 31, 2023 from N170.27 billion achieved in the previous year.

This outstanding performance underscores UBA’s resilience and strategic positioning in navigating the challenging economic landscape while capitalizing on emerging opportunities.

The audited financial results filed with the Nigerian Exchange Limited also revealed improvement across various financial metrics.

UBA’s gross earnings rose by 143% to N2.08 trillion compared to N853.2 billion recorded in 2022.

Similarly, the bank’s profit before tax surged by 277% to N758 billion, a significant leap from N201 billion in the prior year.

One of the most remarkable achievements for UBA was the doubling of its total assets, which crossed the N10 trillion mark to close at N20.65 trillion in December 2023. This exponential growth represents a 90.22% increase from N10.86 trillion in 2022.

UBA’s shareholders also witnessed a significant uptick in their funds, with the group’s shareholders’ funds increasing by 120.2% year-on-year to N2.0 trillion.

The group’s cost-to-income ratio dropped from 59.2% in 2022 to 37.2%, reflecting improved cost management and operational efficiency.

Also, UBA significantly bolstered its loan portfolios by 61.3% to N5.5 trillion, while deposits witnessed a substantial increase of 90.31% to N14.9 trillion, compared to N7.8 trillion recorded in 2022.

In line with its commitment to value creation and rewarding shareholders, UBA’s Chairman, Tony Elumelu, fulfilled the promise made at the last annual general meeting by proposing a final dividend of N2.30 kobo for every ordinary share of 50 kobo for the fiscal year 2023.

The proposed dividend, to be paid from retained earnings totaling N919.872 billion as of December 2023, underscores the bank’s commitment to delivering sustainable returns to its shareholders.

Commenting on the financial performance, UBA’s Group Managing Director/Chief Executive Officer, Oliver Alawuba, stated, “I am very pleased with the unprecedented results achieved by our group in 2023.”

“The group’s shareholder’s funds crossed N2 trillion from N922 billion in 2022. The group is well positioned for further business expansion in FY2024 having closed FY2023 with a capital adequacy ratio of 32.6 percent.”