UBA delivers strong results as profit hits US$446.4m in 2022

..... Declares 0.2 cents nal dividend Total assets rise by 21.6 percent, Close at $23.6 billion

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

He said, “The Group delivered record headline earnings (+22.2%) and pro tability (+35.1%) amid signi cant 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 con dent we will deliver our targets.

“We have navigated unprecedented macroeconomic headwinds and made signi cant gains in our diversi cation 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 Pro t after Tax increased by 35.1% to $378.0 million, with underlying growth in our key income lines and moderation in our cost of fund, resulting in robust growth of 5.3% 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 21.6% 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 con tinued 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 dedica tion of our people, and the support of our wider partners and stakeholders. The bank re mains committed to its busi ness development drive, pru dent risk management practic es, 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 nancial institution, o ering banking services to more than twen ty- ve million customers, across over 1,000 business of ces 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; commer cial and corporate banking; in novative cross-border pay ments and remittances; trade nance and ancillary banking services.