A leading Pan-African financial institution, the United Bank for Africa (UBA) Plc has released its audited financial results for the full year 2022 which shows an impressive performance across major indices despite the highly challenging global economic and business environment.
According to Nigerian Exchange Limited (NGX), UBA recorded a laudable profit before tax, with a 31.2 percent growth, to close the year under review at N200.8 billion, rising from the N153.01 billion recorded at the end of the 2021 financial year.
Its profit after tax (PAT) grew by 43.5 per cent to N170.2 billion in 2022, compared to N118.7 billion recorded the year before. Consequently, UBA Group Shareholders’ Funds rose to N922.1 billion, as of December 2022, achieving an impressive growth of 14.6 per cent compared to the previous year.
The results showed that the bank’s gross earnings rose significantly to N853.2 billion, from N660.2 billion recorded at the end of the 2021 financial year, representing a strong 29.2 percent growth.
Also, total assets rose remarkably grew by 27.2 per cent, crossing the N10 trillion mark, to close at N10.9 trillion in December 2022, up from N8.5 trillion in 2021.
According to a statement, this was a significant achievement and milestone in the history of the powerhouse financial institution.
In the year under consideration, UBA Group’s cost-to-income ratio dropped to 59.2 per cent, from over 60 per cent in the previous year, pointing to the Group’s improving efficiency.
In its usual tradition of rewarding shareholders, the bank proposed a final dividend of 90 kobo for every ordinary share of 50 kobo, for the financial year ended December 31, 2022. The final dividend which is subject to the ratification of the shareholders during its upcoming Annual General Meeting (AGM) would bring the total dividend for the year to N1.10 per share, as the Bank had paid an interim dividend of 20 kobo, based on its audited 2022 half
UBA also recorded a 21.4 per cent growth in loans to customers, moving up to N3.4 trillion in 2022, whilst customer deposits improved by 22.9 per cent to N7.8 trillion, compared to the N6.4 trillion recorded in the corresponding period of 2021. This reflected increased customer confidence, enhanced customer experience, successes from the ongoing business transformation programme, and the deepening of its retail banking franchise.
Speaking on the result, the Group Managing Director/CEO, Oliver Alawuba, said notwithstanding the tight and challenging operating environment, UBA continues to deliver significant performance.
He added, “The Group delivered record headline earnings (+29.2%) and profitability (+31.2%) amid significant headwinds in markets where we are present and a heightened global risk environment.
“Our record earnings, growth, and robust capital levels supported higher returns for the shareholders. The Group is on course to achieve its strategic goals, and we are confident we will deliver our targets.”
“We have navigated unprecedented macroeconomic headwinds and made significant gains in our diversification strategy and Customer 1st philosophy as we build resilience in our operations across Africa and the Rest of the World to support the mission of providing superior value to our stakeholders.”