UBA reports impressive 163% H1 revenue growth

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UBA assumes control of Stallion Group's assets amid N156 billion debt dispute
UBA assumes control of Stallion Group's assets amid N156 billion debt dispute

United Bank for Africa (UBA) has announced a substantial increase in its gross revenue for the first six months of 2023, reaching N981.77 billion.

This remarkable performance reflects a significant growth rate of 163.88% compared to the N372.04 billion gross income reported during the same period in 2022, as revealed in the bank’s H1 2023 financial statement.

Key performance indicators also demonstrated strong growth for UBA, with H1 2023 net interest income standing at N278.11 billion, marking a substantial 56.72% surge from the previous year’s N177.46 billion.

Profit growth in H1 2023

The bank reported a remarkable 371% increase in profit-before-tax, achieving N403.64 billion during the first half of the year, compared to the N85.75 billion recorded in the corresponding period in 2022.

UBA’s net profit also exhibited significant growth, with a year-on-year increase of 437.76%.

The bank reported a profit-after-tax of N378.23 billion for H1 2023, a notable rise from the N70.33 billion reported in H1 2022.

In addition to its robust financial performance, UBA disclosed an improvement in shareholders’ funds, reaching N1.71 trillion.

This achievement allowed the bank to increase interim dividends to shareholders, raising them from N0.20 kobo per share distributed the previous year to N0.50 kobo in H1 2023.

UBA’s customer deposits also saw substantial growth, reaching N11.14 trillion, representing a notable 42.4% increase from the N7.82 trillion recorded in 2022.