United Bank for Africa (UBA) has released its financial statements for the first half of 2023, revealing a remarkable 438% surge in profit after tax, which soared to N378.24 billion from N70.34 billion in the same period in 2022.
The financial results, disclosed on the Nigerian Exchange Limited, also showed substantial growth in the group’s gross revenue, escalating by 164% to N981.78 billion by June 2023, compared to N372.36 billion in June 2022.
UBA’s total assets experienced a significant uptick to N15.38 trillion, marking a 41.68% increase from its position at the end of December 2022.
The bank reported a profit before tax of N404 billion, signifying a 371% surge compared to N85.75 billion recorded in the corresponding period in 2022.
UBA records 57.7% ROAE
This translated into an annualized return on average equity of 57.7%, in contrast to 17.1% from the previous year.
Customer deposits exhibited strong growth, ascending by 42.4% to N11.14 trillion during the review period, compared to N7.8 trillion at the close of 2022.
Shareholders’ funds surged to N1.712 trillion, indicating UBA’s robust capacity for internal capital generation.
The board of directors proposed an interim dividend of 50 kobo per share, in contrast to 20 kobo in 2022.
In a statement, UBA’s Group Managing Director/Chief Executive Officer, Oliver Alawuba, emphasized the bank’s commitment to delivering consistent value to shareholders.
He highlighted the Group’s achievements in digital payments, retail expansion, and the benefits of revaluation gains stemming from the harmonization of foreign exchange rates in Nigeria.
Alawuba stated, “The Group recorded strong double-digit growth in revenues and profits from its operations, the result also reflects the effect of sizeable revaluation gains, arising from the harmonisation of currency exchange rates in Nigeria.”