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UBA Group Reports Record N607 Billion Profit

UBA Group Reports Record N607 Billion Profit

UBA Nigeria Plc, one of Nigeria’s oldest and largest banks, reported its audited accounts for 2023, revealing gross earnings of N2 trillion, a significant increase from N835 billion just a year earlier.

This achievement marks the bank’s highest gross earnings on record and ranks as one of the highest in the banking sector for 2023.

Following this remarkable top-line performance, the bank announced a profit after tax of N607.696 billion in 2023, which represents a 257% surge from N170.277 billion in 2022.

This performance not only sets a record for the bank but also ranks among the top two best results observed so far.

Key highlights

  • Gross Earnings: N2 trillion (+139.5%)
  • Interest Income: N1,075 (+93%)
  • Net Interest Income: N707.540 billion+ 86%
  • Net Fees and Commission Income: N189.059 billion (+47.7%)
  • Trading and Foreign Exchange Gains: N659.25 billion (+814%)
  • Profit Before Income Tax: N757.680 billion, (+277%)
  • Profit for the Year: N607.696 billion (+257%)
  • Earnings per share: N17.49 (+264%)
  • Deposits from customers: N14.89 trillion (+90.3%)
  • Loans and Advances to customers: N5.28 trillion (+66.7%)
  • Total Assets: N20.653 trillion (+100%)
  • Net Assets: N1.962 trillion (+121%)
  • Retained Earnings: N919.8 billion (+114%)
  • Share capital + Premium: N115.8 billion
  • Cash & Cash Equivalent: N3.2 trillion (+166%)


UBA’s blistering full year performance is largely driven by its an impressive growth in its Interest Income which surged a whopping 93% to over one trillion naira.

  • This is also evidenced by an aggressive growth in its loan book jumping 66.7% to N5.28 trillion in the year under review.
  • This also resulted in a net interest income after impairments of N503 billion, one of the best in the banking sector in 2023.
  • Despite its aggressive growth in its loan book, the group also reported a strong capital adequacy ratio of 32.6% up from 29.6% same period last year.
  • Contributing to the group’s interest income is interest earned from investments in treasury bills and bonds of N242.2 billion and N258.8 billion respectively.
  • Asides UBA Ghana and Kenya, all of its key subsidiaries across Africa all reported impressive profitability growth.

On other income earned the bank’s earnings from commissions and fees is largely driven by electronic banking income, trade transaction income, credit related fees and commissions on transaction services.

  • Perhaps the most notable contributor to profits was a whopping N457 billion earned from Net fair value gain on derivatives.
  • According to the bank it raked in a massive N498.7 billion in foreign currency swaps which is a financial instruments held by commercial banks with the central bank on the other side of the trade.
  • It also earned N112.1 billion from foreign exchange income
  • The bank also reported that included in its cash and cash equivalent is an estimated N2.2 trillion from revaluation gains.

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