UBA Remains Most Profitable Bank In Nigeria Based On H1 Metrics


With a profit before tax amounting to N404 billion, an increase of 371 per cent from N85.75 billion, and profit after tax of N378.2 billion, representing a leap of 437.8 per cent from N70.33 billion, United Bank for Africa (UBA) Plc remains the most profitable bank in Nigeria based on H1 metrics.

The bank also declared Interim Dividend of 50k per share compared to 20k last year – representing an annualised interim dividend yield of 7.2 per cent.
These indices are strong contributions to the UBA Group profit from the bank’s operations in 20 African countries, UBA America, UBA UK, UBA UAE, UBA France.

It is also a demonstration of the effectiveness of UBA’s global strategy and positioning as the financial intermediary for Africa and the rest of the World – delivering on the Tony Elumelu strategy.

The group delivered a 164 per cent growth in its gross earnings which rose to N981.78 billion as of June 2023, up from N372.36 billion recorded last year in June 2022. Basic and diluted earnings per share stood at N10.95 per share from N1.98 per share in the comparable periods.

UBA also recorded cash and cash equivalent of N1.62 trillion, up from N960.8 billion in 2022. It is a leading pan-African financial institution, offering banking services to over 37 million customers across 1,000 business offices and customer touch points in 20 African countries.

With a presence in New York, London, Paris and now the UAE, UBA is connecting people and businesses across Africa through retail, commercial and corporate banking, innovative cross-border payments and remittances, trade finance and ancillary banking services.

Some of the key metrics are Annualised Return on Average Equity of 57.7 per cent; Shareholders’ Funds of N1.712 trillion, reflecting Group’s strong capacity for internal capital generation; Customer Deposits of N11.14 trillion – a sharp growth of 42.4 per cent; Total Assets of N15.38 trillion.

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