UBA posts N2tn record earnings, proposes N2.30/share dividend

UBA posts N2tn record earnings, proposes N2.30/share dividend

UBA Nigeria Plc has announced a profit after tax of N607.696 billion in 2023, representing a 257 per cent increase over N170.27 billion in 2022.

It also revealed its gross earnings as N2.08 trillion in 2023, about 143 per cent increase over N835 billion made a year earlier.

This is the bank’s highest gross earnings and ranks as one of the highest in the banking sector for 2023.

The bank gave the figures in its audited financial results for the full year ended December 31, 2023 filed  at Nigerian Exchange Limited (NGx).

The banks’ total assets also rose  by 90.22 percent, doubling the N10 trillion mark, to close at N20.65 trillion in December 2023; up from N10.86 trillion in 2022.

UBA Group Shareholders’ Funds also rose from N922 billion as of December 2022.

During the 2023 financial year, UBA Group cost-to-income ratio dropped from 59.2 per cent, in 2022, to 37.2 per cent pointing at the Group’s improving efficiency.

In fulfilment of the promise made by the UBA Group Chairman, Tony Elumelu, to shareholders at the last Annual General Meeting, the bank proposed a final dividend of N2.30 kobo for every ordinary share of 50 kobo, for the financial year ended December 31, 2023.

The final dividend is subject to the ratification of the shareholders during its upcoming annual general meeting (AGM).

UBA also recorded a 61.3 per cent growth in loans to customers, moving up to N5.5 trillion in 2023, whilst customer deposits rose by 90.31 per cent to N14.9 trillion, compared to N7.8 trillion recorded in the corresponding period of 2022.

This is considered a reflection of increased customer confidence, enhanced customer experience, successes from the ongoing business transformation programme and the deepening of its retail banking franchise.

UBA’s Group Managing Director/Chief Executive Officer, Oliver Alawuba, said, “I am very pleased with the unprecedented results achieved by our Group in FY2023.

“The group is well positioned for further business expansion in FY2024 having closed FY2023 with Capital Adequacy Ratio of 32.6.”