United Bank for Africa (UBA) continues to consolidate its strong financial performance, building on its Pan-African footprint as it prepares for a capital raise. In its 2023 audited financial report, the bank recorded a net profit of N607.7 billion, a remarkable 256.9% increase driven by higher interest income and foreign exchange gains. UBA’s gross revenue surged to N2.1 trillion from N853.2 billion, while interest income doubled to N1.1 trillion, bolstered by Nigeria’s long cycle of monetary policy rate tightening.
UBA’s Group Managing Director/CEO, Oliver Alawuba, expressed satisfaction with the unprecedented results, revealing that the Group’s profit before tax rose to N758 billion in 2023 from N201 billion the previous year. The Group’s total assets also grew to N20.7 trillion, marking a 90.2% year-on-year increase, with shareholders’ funds crossing N2 trillion for the first time. UBA’s Capital Adequacy Ratio stood at a robust 32.6%, positioning the bank for continued business expansion in 2024.
The bank’s first-quarter performance in 2024 further consolidated this growth, with Profit Before Tax climbing by 155% to N156.34 billion and Profit After Tax rising by 165% to N142.5 billion. UBA’s total assets increased by 23% year-on-year to N25.4 trillion, while customer deposits reached N18.4 trillion, a 23% jump attributed to the growth in current and savings accounts.
UBA has solidified its reputation as a global financial institution with operations in 20 African countries and major international financial hubs, including New York, London, Paris, and Dubai. This strategic global presence enables UBA to support cross-border trade, remittances, and investments, fostering Africa’s economic integration with global markets.
Alawuba emphasized UBA’s commitment to innovation, operational excellence, and creating shared value, stating, “Our unwavering commitment to sound governance, robust risk management, and financial strength positions us for continued growth while contributing meaningfully to inclusive economic development across our network.” As UBA gears up for its recapitalization, Alawuba reassured stakeholders that the bank would meet the Central Bank of Nigeria’s recapitalization deadline well ahead of schedule.
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