•Total assets rise by 90.2% to N20.65 trillion
United Bank for Africa (UBA) Plc has released its audited financial results for the full year ending December 31, 2023, showing exceptional and impressive performance across all major performance indicators.

The 2023 financials, filed by the bank at Nigerian Exchange Limited (NGX) on Monday, showed an impressive leap in gross earnings, as it grew from N853.2 billion recorded at the end of 2022 to close at N2.08 trillion, representing a strong 143 percent growth.

The banks’ total assets also rose remarkably by 90.22 per cent, doubling the N10 trillion mark to close at N20.65 trillion in December 2023, up from N10.86 trillion in 2022. The leap remains a very significant achievement and milestone in the history of the financial powerhouse.

Despite the highly challenging global economic and business environment, UBA recorded a laudable profit before tax, with an exponential growth of 277 per cent, to close the year under review at N758 billion, rising from N201 billion recorded at the end of the 2022 financial year; while profit after tax (PAT) grew by 257 percent from N170 billion in 2022, to N608 billion in the year under consideration.

UBA Group shareholders’ funds rose from N922 billion as at December 2022 to close the 2023 financial year at N2 trillion, achieving an impressive growth of 120.2 per cent, compared to prior year.

In the year under consideration, UBA Group cost-to-income ratio dropped from 59.2 per cent in 2022, to 37.2 per cent pointing to the Group’s improving efficiency.

In fulfilment of the promise made by the UBA Group Chairman, Tony Elumelu, to shareholders at the last Annual General Meeting (AGM), the bank proposed a final dividend of N2.30 kobo for every ordinary share of 50 kobo, for the financial year ended December 31, 2023.

The final dividend is subject to the ratification of the shareholders during its upcoming AGM.

The bank also recorded a 61.3 percent growth in loans to customers, moving up to N5.5 trillion in 2023, while customer deposits improved by 90.31 per cent to N14.9 trillion, compared to N7.8 trillion recorded in the corresponding period of 2022, reflecting increased customer confidence, enhanced customer experience, successes from the ongoing business transformation programme and deepening of its retail banking franchise.

Commenting on the results, UBA’s Group Managing Director/Chief Executive Officer, Oliver Alawuba, said: “I am very pleased with the unprecedented results achieved by our Group in FY2023. The Group made a profit before tax of N758 billion, from N201 billion in the prior year. The balance sheet also grew to N20.7 trillion from N10.8 trillion in the previous year.

“The group’s shareholder’s funds crossed N2 trillion from N922bn in 2022, whilst total assets crossed the N20 trillion mark (90.2 per cent YoY growth). The Group is well positioned for further business expansion in FY2024 having closed FY2023 with a capital adequacy ratio of 32.6 per cent.”

He added that the bank’s diversified business model (Pan-African and International strategy) is justified by the contribution of its Ex-Nigeria business to the Group’s results and reinforces its resolve to expand its market share of customers, funding, digital and transaction banking businesses across Africa.

“Driven by our customer service and execution-led delivery model, we will continue to expand our market share and create value for our shareholders and meet the expectations of our various stakeholders,” the GMD stated.