United Bank of Africa has announced a 143 per cent increase to N2.08 trillion in its gross revenue for the 2023 financial year, its highest ever, as well as a profit after tax of N607.69 billion.
The company’s profit before tax increased by 277.2 per cent to N757.68 billion.
This was disclosed by Chairman of the Board of Directors of UBA, Tony Elumelu during the bank’s 62nd Annual General Meeting, according to Businessday.
Elumelu stated that the bank continued its efforts to mobilise deposits, increasing its total deposits by 93 % to N17.36 trillion compared to N8.99 trillion reported in 2022.
In addition, the bank maintained a well-structured and diversified balance sheet, with total assets and shareholders’ funds amounting to N20.65 trillion and N2.03 trillion respectively.
According to the financial report, a combination of strong loan growth, increased net interest margins and significant contributions from foreign exchange operations led to an impressive financial performance.
Also, increased business activity and higher profit margins underpinned the foreign exchange operations.
Additionally, The bank’s loan book increased by 61 per cent to N5.55 trillion from N3.44 trillion, resulting in a ratio of 5.85 per cent for the non-performing assets.
Elumelu said, “Behind each of these figures, is the everyday work of our dedicated staff, providing tangible solutions to real-world needs, delivering value to consumers, businesses, and governments.”
In addition to supporting consumers across Africa and abroad seeking secure and convenient payment methods, UBA also supports businesses seeking modern payment acceptance solutions, as well as issuers and acquirers looking to offer innovative products to their customers.
In his remark, the Group Managing Director/CEO of UBA, Oliver Alawuba noted that operating costs increased by 69 per cent.
“This outcome is indicative of steady business-as-usual expenses, the impact of inflationary trends, and deliberate increments related to planned strategic investments and the establishment of new business ventures.
“Notwithstanding the adverse macroeconomic conditions, the fundamental strength of underlying asset quality persists, as reflected in a Non-performing Loan (NPL) ratio of 5.85 percent,” the CEO added.
The bank during the meeting proposed a dividend of N2.80 per share to shareholders.
