The United Bank for Africa (UBA) Plc has recorded N758 billion profit in the full year which ended on December 31, 2023.

UBA disclosed this in its audited financial results for 2023 filed by the bank at the Nigerian Exchange Limited (NGX) on Monday, April 8, 2024.

The bank noted that the 2023 financials showed an impressive leap in gross earnings, as it grew from N853.2 billion recorded at the end of 2022 to close at N2.08 trillion, representing 143 per cent growth.

The banks’ total assets also rose by 90.22 per cent, doubling the N10 trillion mark, to close at N20.65 trillion in December 2023; up from N10.86 trillion in 2022.

UBA said despite the highly challenging global economic and business environment, it recorded a profit before tax, with an exponential growth of 277 per cent, to close the year under review at N758 billion, rising from N201 billion recorded at the end of the 2022 financial year.

It noted that the profit after tax grew by 257 per cent from N170 billion in 2022, to N608 billion in the year under consideration.

UBA further revealed that its Group Shareholders’ Funds rose from N922 billion as of December 2022 to close the 2023 financial year at N2.0 trillion, achieving growth of 120.2 per cent, compared to the prior year.

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In the year under review, the bank added that its cost-to-income ratio dropped from 59.2 per cent, in 2022, to 37.2 per cent pointing at the improving efficiency.

It stated that in fulfilment of the promise made by the UBA Group Chairman, Tony Elumelu, to shareholders at the last Annual General Meeting, the bank proposed a final dividend of N2.30 kobo for every ordinary share of 50 kobo, for the financial year 2023.

According to the bank, the final dividend is subject to the ratification of the shareholders during its upcoming AGM.

UBA disclosed that it recorded a 61.3 per cent growth in loans to customers, moving up to N5.5 trillion in 2023, while customer deposits improved by 90.31 per cent to N14.9 trillion, compared to N7.8 trillion recorded in 2022.

Speaking on the results, UBA’s Group Managing Director/Chief Executive Officer Oliver Alawuba said: “The Group is well positioned for further business expansion in FY2024 having closed FY2023 with capital adequacy ratio of 32.6 per cent.”

Alawuba added that the bank’s diversified business model (Pan-African and International strategy) is justified by the contribution of its Ex-Nigeria business to the Group’s results and reinforces its resolve to expand our market share of customers, funding, digital and transaction banking businesses across Africa.

The Star