UBA declares dividend of 50k per share, records N404bn PBT

…Gross earnings hits N981.78 billion

Africa’s Global Bank, United Bank for Africa (UBA) Plc, delivered an outstanding performance for the half year ended June 30, 2023, as announced in its audited financial report.

The results released to the Nigerian Exchange Limited (NGX) on Tuesday showed that the Group recorded double and triple-digit growth across its major income lines, as it continued to show substantial progress in increasing the contribution and market share from its subsidiaries in Africa and globally.

Specifically, at the end of the first two quarters of the year, and despite the tough global macroeconomic backdrop and geo-political challenges in Africa, UBA Group reported a profit before tax of N404 billion, representing an extraordinary increase of 371 per cent, when compared to N85.75 billion recorded in the first half of 2022. This translated to an annualised Return on Average Equity of 57.7 per cent as against 17.1 per cent a year earlier.

In addition, the results also showed as of June 30, 2023, a profit after tax (PAT) of N378.24 billion, representing a leap of 437.8 percent over H1 2022.

Operating Income grew by 206.6 per cent to N783.96 billion in June 2023; higher than N255.67 billion reported a year earlier.

The Group delivered a 164 per cent growth in its Gross Earnings which rose to N981.78 billion as at June 2023, up from N372.36 billion recorded last year in June 2022.

Total Assets continued a strong upward trajectory, rising above the N15trn mark, as it hits N15.38 trillion, representing a 41.7 per cent leap up from N10.86 trillion recorded at the end of last year.

Customer Deposits also rose by a sharp 42.4 per cent to N11.14 trillion in the period under consideration; as against N7.8 trillion recorded at the end of 2022.