Lagos, Nigeria – The United Bank for Africa (UBA) has reported a remarkable 143% increase in gross revenue, reaching a historic high of N2.08 trillion for the 2023 financial year. This announcement was made during the bank’s 62nd Annual General Meeting (AGM) by Tony Elumelu, UBA’s Chairman of the Board of Directors.
In addition to the substantial revenue growth, UBA also disclosed a Profit After Tax of N607.69 billion. To reward shareholders, the bank proposed a dividend of N2.80 kobo per share.
Elumelu highlighted the bank’s exceptional performance, emphasizing its successful deposit mobilization efforts, which resulted in a 93% increase in total deposits to N17.36 trillion. Furthermore, UBA maintained a well-structured and diversified balance sheet, with total assets and shareholders’ funds reaching N20.65 trillion and N2.03 trillion, respectively.
The significant financial achievements were attributed to various factors, including a notable increase in net interest income driven by a robust expansion in the loan portfolio, higher net interest margins, and a substantial contribution from foreign exchange operations. Despite adverse macroeconomic conditions, UBA’s loan book expanded by 61% to N5.55 trillion, with a Non-Performing Loans (NPL) ratio of 5.85%.
Oliver Alawuba, Group Managing Director/CEO of UBA, emphasized the bank’s commitment to cost discipline amidst inflationary trends. Despite challenges, UBA maintained its fundamental strength and asset quality, reflecting its resilience in navigating the economic landscape.
