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In 2022, UBA Makes A Profit Of N201 billion.

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United Bank for Africa

In its fiscal year 2022, the United Bank for Africa made a profit before tax of N201 billion.

According to a statement issued on Thursday, the bank’s audited financial results for the fiscal year ended December 31, 2022, filed at the Nigerian Exchange Limited, showed that gross earnings increased significantly to N853.2bn from N660.2bn at the end of the fiscal year ended December 31, 2021, representing a 29.2% increase.

The bank’s assets increased by 27.2 percent, crossing the N10 trillion mark in December 2022 to close at N10.9 trillion. This is an increase from N8.5 trillion in 2021.

“Despite the highly challenging global economic and business environment,” the statement continued, “UBA recorded a laudable profit before tax, with a 31.2 percent increase, to close the fiscal year under review at N200.8 billion, rising from N200.8 billion the previous year from N153.01 billion at the end of the fiscal year 2021.”

“Profit after tax (PAT) increased by 43.5 percent to N170.2 billion in 2022, up from N118.7 billion the previous year.”

“As a result, UBA Group Shareholders’ Funds increased to N922.1bn as of December 2022, representing a 14.6% increase over the previous year.”

In 2022, UBA makes a profit of N201 billion.

“In the year under consideration, the UBA Group cost-to-income ratio fell to 59.2 percent, down from more than 60 percent the previous year, indicating the Group’s improving efficiency.”

In keeping with its usual practise of rewarding shareholders, the bank proposed a final dividend of 90 kobo for each ordinary share of 50 kobo for the fiscal year ending December 31, 2022.

“The final dividend, which is subject to shareholder approval at the bank’s upcoming Annual General Meeting (AGM), will bring the total dividend for the year to N1.10 per share, as the bank paid an interim dividend of 20 kobo based on its audited 2022 half-year results.”

“It is also worth noting that UBA recorded a 21.4 percent increase in loans to customers, increasing to N3.4 trillion in 2022, while customer deposits increased by 22.9 percent to N7.8 trillion, compared to N6.4 trillion in the same 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,” the statement added.

Oliver Alawuba, the group managing director and CEO, commented on the outcome and stated that UBA would continue to provide noteworthy success despite the difficult operating climate.

He stated, “Despite severe headwinds in the markets where we are present and an elevated global risk climate, the Group generated record headline earnings (+29.2%) and profitability (+31.2%).” Increased returns for the shareholders were made possible by our record earnings, expansion, and strong capital levels. The Group is on track to meet its strategic objectives, and we have faith in our ability to meet our aims.


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“As we create resilience in our operations across Africa and the rest of the World to support the aim of providing greater value to our stakeholders, we have navigated extraordinary macroeconomic challenges and made substantial advances in our diversification strategy and Customer 1st mindset.

With underlying growth in our core income lines and moderation in our cost of capital, the Group’s Profit after Tax climbed by 43.5% to N170.3 billion. This was coupled with strong growth of 14.6% in the Group’s Shareholders’ Funds and improved liquidity. To keep up with changing hazards, we kept honing our risk management structure and procedures.

Regarding the outlook for 2023, Alawuba stated that the bank is well-positioned strategically to grow its market share in the nations where it already has operations, with expansion into Dubai, United Arab Emirates, and strong growth of our digital banking and payment businesses, which are essential to the developing cashless economy in Nigeria.

In 2022, UBA makes a profit of N201 billion.

He continued, “We seek to deliver to our shareholders greater alluring returns and to continue having a beneficial impact in the regions and economies in which we operate.

According to UBA’s Executive Director of Finance and Risk Management, Ugo Nwaghodoh, the bank is still in good shape and well-positioned to take on new opportunities in Nigeria, Africa, and elsewhere.

Strong balance sheet expansion and an increase in net interest margin helped the UBA Group perform well in the 2022 fiscal year. The Company’s total assets and client deposits increased by 27.2% and 22.9%, respectively, while NIM increased to 5.61% from 5.57%.

The NPL ratio moderated from 3.6% to 3.1% as a result of the Groups’ ongoing revision of their risk management strategy. The Group maintained its reliance on lower-cost sources of funding, bringing its cost funds down to 2.1%.

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