UBA posts N201b profit, declares 90k dividend
United Bank for Africa (UBA) has released its audited financial results for the full year ended December 31, 2022, showing impressive performance across major indices.
The 2022 financials, filed by the bank at Nigerian Exchange Limited (NGX), yesterday, showed that gross earnings rose to N853.2 billion from N660.2 billion recorded in 2021, representing 29.2 per cent growth.
Total assets rose by 27.2 per cent, crossing the N10 trillion mark, to close at N10.9 trillion in December 2022, from N8.5 trillion in 2021.
Despite the challenging global economic and business environment, UBA recorded a laudable Profit Before Tax (PBT), with a 31.2 per cent growth, to close the year at N200.8 billion, rising from N153.01 billion recorded in 2021; while 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 at December 2022, achieving 14.6 per cent growth.
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 has 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 coming Annual General Meeting (AGM) 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.
Also worthy of note, UBA recorded 21.4 per cent growth in loans to customers, moving up to N3.4 trillion in 2022, while customer deposits improved by 22.9 per cent to N7.8 trillion and N6.4 trillion recorded in the corresponding period of 2021, reflecting increased customer confidence, enhanced customer experience, successes from the ongoing business transformation programme and the deepening of its retail banking franchise.
Commenting on the result, the Group Managing Director/CEO, Oliver Alawuba, said notwithstanding the tight and challenging operating environment, UBA continues to deliver significant performance.