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SME Guide

UBA Posts Record Half-Year Earnings on Strong Revenue Growth, Forex Gains

United Bank for Africa (UBA) has announced a 164% surge in gross earnings to N982 billion for the first half of 2023, driven by broad-based revenue growth across markets and forex revaluation gains.

Profit after tax jumped over 4X to N378 billion, from N70 billion in the same period last year. This represents an annualized return on average equity of 57.7%.

The strong profit growth was enabled by a 371% increase in profit before tax to N404 billion. This was on the back of 42% growth in customer deposits to N11.14 trillion and 68% in total assets to N15.38 trillion.

Digital payments and retail penetration expanded substantially, boosting non-interest income. Harmonization of foreign exchange rates across different windows in Nigeria also yielded significant revaluation gains.

UBA proposed an interim dividend of 50 kobo per share, 2.5X higher than last year. This reflects the Group’s strong capacity for internal capital generation and commitment to deliver value to shareholders.

According to Group MD/CEO Oliver Alawuba, the results demonstrate the benefits of UBA’s pan-African diversification and growing international presence. The recently established UAE subsidiary reinforces the bank’s earnings quality.

Going forward, UBA is well-positioned to sustain its growth trajectory across markets on the back of customer-focused digital innovation and deepening retail penetration.

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