UBA Delivers Strong Results As Profit Hits N201bn In 2022

United Bank for Africa (UBA) has released its audited financial results for 2022, showing impressive performance across major indices.Information Guide Nigeria

In its audited financial results for the full year ended December 31, 2022, filed at Nigerian Exchange Limited (NGX) on Thursday, the bank disclosed that gross earnings rose significantly to N853.2 billion from N660.2 billion recorded at the end of the 2021 financial year, representing a strong 29.2 percent growth.

The bank declared that total assets rose by 27.2 percent, crossing the N10 trillion mark, to close at N10.9 trillion in December 2022, from N8.5 trillion in 2021.

THE WILL reports that UBA recorded a laudable Profit Before Tax (PBT), with a 31.2 percent 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 percent to N170.2 billion in 2022, compared to N118.7 billion recorded the year before.

Despite the challenging global economic and business environment, UBA Group Shareholders’ Funds rose to N922.1 billion, as of December 2022, achieving 14.6 percent growth.JAMB Result

According to THE WILL, UBA Group’s cost-to-income ratio dropped to 59.2 percent, from over 60 percent in the prior year pointing to the group’s improving efficiency.

Commenting on the result, the Group Managing Director/CEO, Oliver Alawuba, said, “The Group deliv­ered record headline earnings (+29.2%) and profitability (+31.2%) amid significant head­winds in markets where we are present and a heightened global risk environment. Our record earnings, growth, and robust capital levels supported high­er returns for the sharehold­ers. The Group is on course to achieve its strategic goals, and we are confident we will deliver our targets.

“We have navigated unprec­edented macroeconomic head­winds and made significant gains in our diversification strategy and customer 1st phi­losophy as we build resilience in our operations across Africa and the rest of the world to sup­port the mission of providing superior value to our stakehold­ers.JAMB Portal

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“The Group’s profit after tax increased by 43.5% to N170.3 billion, with underlying growth in our key income lines and moderation in our cost of fund, resulting in robust growth of 14.6% in the Group’s Sharehold­ers’ Funds and stronger liquidi­ty. We continued to sharpen our risk management structure and practices to align with evolving risks.NYSC Portal

Alawuba added, “We are strategically positioned to in­crease our market share in our countries of presence, with ex­pansion to Dubai, United Arab Emirates and strong growth of our digital banking and payment businesses, which is pivotal to the evolving cashless economy in Nigeria. We strive to deliver increasingly attrac­tive returns to our shareholders and continued positive impact in the geographies and econo­mies in which we operate.”

THE WILL, UBA’s Executive Director, Fi­nance and Risk Management, Ugo Nwaghodoh, said: “UBA Group’s 2022FY per­formance was buoyed by strong balance sheet growth and im­provement in net interest mar­gin, as Group’s total assets and customer deposits grew 27.2% and 22.9%, respectively, whilst NIM grew to 5.61% from 5.57%. The continuous rejigging of the group’s risk management ap­proach resulted in moderation of the NPL ratio, from 3.6% to 3.1%. The Group continued to rely on lower-cost funds, further reducing its cost funds to 2.1%.

“We are delighted with the strategic progress we have made in FY22 riding on our cus­tomers’ trust, the dedication of our people, and the support of our wider partners and stake­holders. The bank remains committed to its business de­velopment drive, and prudent risk management practices, and we are optimistic to deliver the best val­ue for our stakeholders in the days ahead.”

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