The United Bank for Africa (UBA) has reported substantial growth in its total assets, positioning itself as the most profitable bank in the first half of 2023.
As of June 2023, UBA’s total assets have surged to an impressive N15.38 trillion, marking a substantial increase from the N10.85 trillion reported at the close of December 2022. UBA’s stellar performance in the first half of 2023 has solidified its status as the banking industry leader in profitability.
According to its official financial results, UBA has reported a Profit Before Tax (PBT) of N404 billion, surpassing Zenith Bank’s N350 billion, First Bank’s N206 billion, and Access Bank’s N167.6 billion. This remarkable achievement represents an astounding 371 percent growth in PBT when compared to the corresponding period in the previous year, where UBA reported N85.75 billion.
The bank attributes this outstanding performance to its global strategy and positioning as a financial intermediary for Africa and the world. It has benefited significantly from robust contributions to group profits from operations across 20 African countries, as well as its presence in the United States, the United Kingdom, the United Arab Emirates, and France, all of which underscore its commitment to delivering on the visionary Tony Elumelu strategy.
In tandem with its impressive profit figures, UBA has also witnessed a surge in gross revenue, which has now reached N981.77 billion during the same period. This growth represents a remarkable 163.88 percent increase compared to the N372.04 billion gross income posted in the first half of 2022, according to the bank’s financial statement for the first half of 2023.
Key performance indicators for UBA have shown significant growth, with net interest income in the first half of 2023 reaching N278.11 billion, reflecting an impressive 56.72 percent increase over the previous year’s N177.46 billion.
Notably, UBA has demonstrated its financial prowess with an astounding 437.76 percent year-on-year growth in net profit. The bank’s profit-after-tax stands at an impressive N378.23 billion, a remarkable contrast to the N70.33 billion bottom line posted in the first half of 2022.
Furthermore, UBA has strengthened its financial position, with shareholders’ funds now amounting to N1.71 trillion. This financial stability has enabled the bank to increase interim dividends to stakeholders, with dividends rising from N0.20 kobo per share distributed last year to N0.50 kobo in the first half of this year.
In addition to these remarkable financial achievements, UBA has witnessed substantial growth in customer deposits, with deposits totaling N11.14 trillion, marking a substantial 42.4 percent growth compared to the N7.82 trillion recorded in 2022.
The growth in both top-line and bottom-line figures, coupled with the significant uptick in total assets to N15.38 trillion as of June 2023, from N10.85 trillion reported at the end of December 2022, underscores the bank’s unwavering commitment to financial excellence and its pivotal role in the banking sector.