• Home
  • About Us
  • Contact Us
Friday, June 27, 2025
Star Lite News
  • Home
  • News
    • All
    • Business
    NYSC

    NYSC Sanctions Corps Member Raye Over Criticism of President Tinubu, Sparks Outrage

    Suspension

    Benue Governor Alia Suspends Chief Press Secretary Indefinitely

    EFCC

    EFCC Declares MD Of Fargo Oil Firm Wanted Over N976million Fraud

    EFCC-SunTrust SunTrust Bank Ltd.

    EFCC Arraigns Sun Trust Bank CEO, Executive Director, Halima Buba and Innocent Mbagwu Over ‘$12m Money Laundering’

    Olubunmi Tunji-Ojo-Public Holiday

    FG Declares Two Days Public Holiday For Sallah

    WAEC Candidate

    Tragedy in Ibadan: WAEC Candidate Killed by Stray Bullet During Police Chase

    Trending Tags

    • Trump Inauguration
    • United Stated
    • White House
    • Market Stories
    • Election Results
  • Entertainment
    Mike Ejeagha

    ‘Gwogwogwo’ Music Legend Mike Ejeagha, Dies At 95 After Battling Prostate Cancer For 16 Years

    AMVCA

    AMVCA 2025 Awards: Full List Of Winners As Chioma Chukwuka, Femi Adebayo Win Best Actress, Actor

    Nathaniel Bassey

    Nigeria’s Gospel Music Maestro Nathaniel Bassey To Minister At Trump’s Inaugural Prayer Breakfast

    Doris Ogah

    Doris Ogah Becomes 45th Miss Nigeria

    Netflix

    Netflix Investments Give Life To Nollywood Projects

    BBNaija

    STREEZE become the third pair of housemates to be evicted from season 9 of the #BBNaija show

  • Lifestyle
    • All
    • Food
    GTCO Food and Drinks Festival

    Announcing The 2024 GTCO Food And Drink Festival: A Celebration Of Authentic Flavours

    MKH staff celebrate Chairman’s Mother as she clocks 66…

    Trending Tags

    • Golden Globes
    • Game of Thrones
    • MotoGP 2017
    • eSports
    • Fashion Week
  • Business
  • Politics
  • World
No Result
View All Result
  • Home
  • News
    • All
    • Business
    NYSC

    NYSC Sanctions Corps Member Raye Over Criticism of President Tinubu, Sparks Outrage

    Suspension

    Benue Governor Alia Suspends Chief Press Secretary Indefinitely

    EFCC

    EFCC Declares MD Of Fargo Oil Firm Wanted Over N976million Fraud

    EFCC-SunTrust SunTrust Bank Ltd.

    EFCC Arraigns Sun Trust Bank CEO, Executive Director, Halima Buba and Innocent Mbagwu Over ‘$12m Money Laundering’

    Olubunmi Tunji-Ojo-Public Holiday

    FG Declares Two Days Public Holiday For Sallah

    WAEC Candidate

    Tragedy in Ibadan: WAEC Candidate Killed by Stray Bullet During Police Chase

    Trending Tags

    • Trump Inauguration
    • United Stated
    • White House
    • Market Stories
    • Election Results
  • Entertainment
    Mike Ejeagha

    ‘Gwogwogwo’ Music Legend Mike Ejeagha, Dies At 95 After Battling Prostate Cancer For 16 Years

    AMVCA

    AMVCA 2025 Awards: Full List Of Winners As Chioma Chukwuka, Femi Adebayo Win Best Actress, Actor

    Nathaniel Bassey

    Nigeria’s Gospel Music Maestro Nathaniel Bassey To Minister At Trump’s Inaugural Prayer Breakfast

    Doris Ogah

    Doris Ogah Becomes 45th Miss Nigeria

    Netflix

    Netflix Investments Give Life To Nollywood Projects

    BBNaija

    STREEZE become the third pair of housemates to be evicted from season 9 of the #BBNaija show

  • Lifestyle
    • All
    • Food
    GTCO Food and Drinks Festival

    Announcing The 2024 GTCO Food And Drink Festival: A Celebration Of Authentic Flavours

    MKH staff celebrate Chairman’s Mother as she clocks 66…

    Trending Tags

    • Golden Globes
    • Game of Thrones
    • MotoGP 2017
    • eSports
    • Fashion Week
  • Business
  • Politics
  • World
No Result
View All Result
Star Lite News
No Result
View All Result
Home Banking News

UBA delivers strong results as profit hits N201bn

*Declares 90 kobo Final Dividend *Total assets rise by 27.2%, close at N10.9trn

starliteadmin by starliteadmin
March 31, 2023
in Banking News, Business
0
UBA
0
SHARES
0
VIEWS
Share on FacebookShare on WhatsAppShare on Twitter

Africa’s Global Bank, United Bank for Africa (UBA) Plc, has released its audited financial results for the full year ended December 31, 2022, showing impressive performance across major indices.

The 2022 financials, filed by the Bank at Nigerian Exchange Limited (NGx) on Thursday, showed that gross earnings rose significantly to N853.2billion from N660.2billion recorded at the end of the 2021 financial year, representing a strong 29.2 percent growth.

Total assets rose remarkably by 27.2 percent, crossing the N10trillion mark, to close at N10.9trillion in December 2022; up from N8.5trillion in 2021. This is a very significant achievement and milestone in the history of the powerhouse financial institution.

Despite the highly challenging global economic and business environment, UBA recorded a laudable profit before tax, with a 31.2 percent growth, to close the year under review at N200.8 billion, rising from N153.01 billion recorded at the end of the 2021 financial year; while profit after tax (PAT) grew by 43.5 percent to N170.2billion in 2022, compared to N118.7 billion recorded the year before. Consequently, UBA Group Shareholders’ Funds rose to N922.1billion, as at December 2022, achieving an impressive growth by 14.6%, compared to prior year.
In the year under consideration, UBA Group cost-to-income ratio dropped to 59.2%, from over 60% in prior year, pointing at the Group’s improving efficiency.

In its usual tradition of rewarding shareholders, the Bank proposed a final dividend of 90 kobo for every ordinary share of 50 kobo, for the financial year ended December 31, 2022. The final dividend which is subject to the ratification of the shareholders during its upcoming Annual General Meeting (AGM) will bring the total dividend for the year to N1.10 per share, as the Bank had paid an interim dividend of 20 kobo, based on its audited 2022 half year results.

Also worthy of note, UBA recorded a 21.4 percent growth in loans to customers, moving up to N3.4 trillion in 2022, whilst customer deposits improved by 22.9 percent to N7.8 trillion, compared to N6.4trillion recorded in the corresponding period of 2021, reflecting increased customer confidence, enhanced customer experience, successes from the ongoing business transformation programme and the deepening of its retail banking franchise.

Commenting on the result, the Group Managing Director/CEO, Oliver Alawuba, said notwithstanding the tight and challenging operating environment, UBA continues to deliver significant performance.

He 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. The Group’s Profit after Tax increased by 43.5% to N170.3billion, 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”, Alawuba said.

On the outlook for the year 2023, Alawuba said:

“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.”

UBA’s Executive Director, Finance and Risk Management, Ugo Nwaghodoh, said going by this recent performance, UBA remains on strong footing and is comfortably positioned to take on more opportunities in Nigeria, Africa and beyond.

“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 Groups’ 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, prudent risk management practices, and we are optimistic to deliver best value for our stakeholders in the days ahead,” he noted.

United Bank for Africa Plc is a leading Pan-African financial institution, offering banking services to more than twenty-five million customers, across over 1,000 business offices and customer touch points, in 20 African countries and across 4 continents.

With presence in the United States of America, the United Kingdom and France and more recently the United Arab Emirates, 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.

Tags: Africa’s Global BankExecutive DirectorFinance and Risk ManagementGroup Managing Director/CEOOliver AlawubaPlcStarlitenewsUBAUgo NwaghodohUnited Bank for Africa
Previous Post

At Enugu International Trade Fair, Dangote Re-affirms Commitment In Making Nigeria Self-sufficient

Next Post

Lagos State University Launches LASU Bread Bakery

starliteadmin

starliteadmin

Related Posts

Dangote

Dangote is the Pride of Nigeria’s Financial Market, Says NGX Group Chairman

by starliteadmin
June 26, 2025
0

The Group Chairman of Nigerian Exchange Group (NGX Group), Alhaji (Dr.) Umaru Kwairanga, has praised the President/Chief Executive, Dangote Group,...

Dangote Petroleum Refinery

Dangote Refinery’s Fuel Distribution Plan A Boost To CNG Initiative, Says Presidency

by starliteadmin
June 26, 2025
0

The Presidential Compressed Natural Gas Initiative (PCNGI) has welcomed the Dangote Refinery’s fuel distribution plan that will see it deploying...

Dangote Cement

Dangote Cement EBITDA Crosses N1 Trillion Mark as Shareholders Smile Home with N30 Dividend Per Share

by starliteadmin
June 25, 2025
0

For the first time since its inception, Dangote Cement Group’s earnings before interest, taxes, depreciation, and amortization (EBITDA) reached an...

Unity Bank Plc

World Environment Day: Stakeholders at Unity Bank Webinar Demand Urgent Action on Plastic Pollution

by starliteadmin
June 24, 2025
0

Environmental activists and climate change advocates seized the opportunity of a webinar hosted by Unity Bank to call for urgent...

Dangote Cement

Dangote Cement Ibese trains Host Community leaders for optimal performance

by starliteadmin
June 24, 2025
0

As part of its commitment to strengthening local content and community engagement, Dangote Cement Plc., Ibese Plant, has held its...

2024: Dangote pays N502.6 billion to Cement Shareholders as Dividends

2024: Dangote pays N502.6 billion to Cement Shareholders as Dividends

by starliteadmin
June 23, 2025
0

Shareholders of Dangote Cement on Monday were full of praise for the Board, Management, and staff of the company after...

Next Post
Prof. Ibiyemi Olatunji-Bello

Lagos State University Launches LASU Bread Bakery

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Popular Posts

  • Tinubu and Timothy

    Prince Chukwudi Timothy Appeals For Dialogue Instead Of Nationwide Protest

    0 shares
    Share 0 Tweet 0
  • Peter Obi says victory of Christ the King College at World Affairs Challenge heartwarming

    0 shares
    Share 0 Tweet 0
  • Family reveals Ifeanyi Ubah’s burial date

    0 shares
    Share 0 Tweet 0
  • ACEACRES24: Akmodel MD Makes Presentations At The 2Days Event (Photos)

    0 shares
    Share 0 Tweet 0
  • Legends of Nollywood Financial Summit Is Here, Meet The Speakers: Apostle Anselm Madubuko, Mrs. Bukola Agbaminoja, Pst. Moji Bakare Asieru-sweet, Others

    0 shares
    Share 0 Tweet 0

Recent Posts

  • Dangote is the Pride of Nigeria’s Financial Market, Says NGX Group Chairman
  • Fidelity Bank hits N1trn market cap after share price increase
  • Dangote Refinery’s Fuel Distribution Plan A Boost To CNG Initiative, Says Presidency
  • Fidelity Bank Promotes 12% of Workforce and Increases Salaries by 20% across board
  • Fidelity Bank MD Not Part of the Woobs Case
Starlite news icon

Browse by Category

Archives

  • Home
  • About Us
  • Contact Us

© 2022 | Crafted with ❤ by Claridan - Adsvance Digitals.

No Result
View All Result
  • Contact Us
  • About Us
  • Business
  • Politics
  • World
  • Entertainment
  • Lifestyle

© 2022 | Crafted with ❤ by Claridan - Adsvance Digitals.

  • https://starlitenews.com.ng/2024/06/22/gtco-rated-nigerias-strongest-brand-and-best-banking-brand/
  • https://starlitenews.com.ng/2024/03/10/wanted-person-mr-godwin-onyebuchi-okafor-npf/
  • https://starlitenews.com.ng/2024/05/13/access-bank-sl-ltd-strengthens-leadership-team-with-key-board-appointments-names-new-chairman/