Leading pan-African financial institution, United Bank for Africa has recorded N201 billion Profit Before Tax (PBT) in its 2022 financial period.
The bank disclosed this on Thursday, March 30th, 2023 in a statement on its audited financial results for the full year ended December 31, 2022, titled, ‘Full Year 2022: UBA Delivers Strong Results As Profit Hits N201 Billion’.
The state says; “Despite the highly challenging global economic and business environment, UBA recorded a laudable profit before tax, with a 31.2 per cent growth, to close the year under review at N200.8bn, rising from N153.01bn recorded at the end of the 2021 financial year; while profit after tax grew by 43.5 percent to N170.2bn in 2022, compared to N118.7bn recorded the year before.”
“Consequently, UBA Group shareholders’ funds rose to N922.1bn, as at December 2022, achieving an impressive growth by 14.6 per cent, compared to prior year.”
“In the year under consideration, UBA Group cost-to-income ratio dropped to 59.2 per cent, from over 60 per cent in prior year, pointing at 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 will 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 year results.”
According to the bank, the 2022 financials filed at Nigerian Exchange Limited on Wednesday, showed that 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 per cent growth.
However, the bank’s total assets rose 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.
Meanwhile, the Group Managing Director/Chief Executive Officer, Oliver Alawuba stated that despite the tight and challenging operating environment, UBA continued to deliver significant performance.
Similarly, the Bank’s Executive Director, Finance and Risk Management, Ugo Nwaghodoh, said; “Going by the recent performance, UBA remained on strong footing and is comfortably positioned to take on more opportunities in Nigeria, Africa and beyond.”