By Safiu Kehinde
United Bank of Africa has recorded 200 Billion Naira as total profit made as at the end of 2022 Fiscal year.
As revealed in the audited annual financial report for the year 2022 released earlier today, the bank saw a 31.2 percentage increase in its profit before tax as against the N153.01 billion recorded in 2021.
This profit was generated from the N660.2 Billion gross earnings accumulated in the course of the year till December 31, 2022.
Also subjected to increment is the Group’s total assets which stood at N10.9 Trillion as against N8.5 Trillion recorded in 2021.
Meanwhile, the Group not only boast of increase in terms of assets and equities. They also saw 21.4 percent growth in loans to customers which implies that N3.4 trillion loan was granted to customers with the customers, in return, depositing a total of N7.8 trillion in contrast to N6.4 trillion recorded in 2021.
Reacting to the development, the Group Managing Director/CEO, Oliver Alawuba lauded the impressive performance of the group despite the harsh economic realities.
“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.” Alawuba said.
On the Group’s projection for 2023, Alawuba reveals possible extension of its market shares with the United Arabs Emirate while also stressing that they will increase the efficiency of their digital banking system.
“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”. He added.
Similarly, UBA’s Executive Director, Finance and Risk Management, Ugo Nwaghodoh, expressed his delight over the development as he boasted of more improvement.
“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, prudent risk management practices, and we are optimistic to deliver best value for our stakeholders in the days ahead,” he said.