UBA Reports Record-Breaking Revenue And Highest Profit in History
Africa’s leading financial institution offering banking services to more than 25 million customers, the United Bank for Africa (UBA), has announced a remarkable 143% rise in its gross revenue to N2.08 trillion for the 2023 financial year.
This is the bank’s highest ever revenue record, including a pretax profit of N607.69 billion. UBA’s pretax profit rose 277.2% to N757.68 billion, showing its leading position in the financial services sector.
The bank’s chairman, Tony Elumelu, presented the report to the Board of Directors during its 62nd Annual General Meeting (AGM). Elumelu said that UBA sustained deposit mobilization efforts, growing deposits by 93% to N17.36 trillion from N8.99 trillion, which it reported in 2022.
According to reports, UBA maintained a diversified balance sheet, with total assets and shareholders’ funds of N20.65 trillion and N2.03 trillion, respectively. The bank’s financial records were affected by growth in net interest income, which resulted from several strong expansions in its loan portfolio, higher net interest margins, and a substantial contribution from forex operations.
UBA’s forex operations also benefited from increased business activity and improved profit margins. In addition, its loan book grew by 61% to N5.55 trillion from N3.44 trillion, and the non-performing loan ratio reached 5.85%.
“Behind each of these figures, is the everyday work of our dedicated staff, providing tangible solutions to real-world needs, delivering value to consumers, businesses, and governments”, Elumelu said.
He further added that UBA aids consumers across Africa and globally, seeking secure and convenient payment methods.
