Things To Know From UBA's Financial Report

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 According to the report of the United Bank For Africa (UBA) has 43.5 percent growth in profit after tax to N170.3 billion in 2022 on the back of 17.5 percent and 69.0 percent increase in interest income and non interest revenue 

UBA Bank 

The interest of the bank income grew from 17.5 percent to N557.2 billion, net trading and foreign exchange income grew to N72.2 billion while net fee and commission income also increased by 27 percent to N128 billion 

"We attribute the former to an elevated yield environment as management was able to reprice its interest-earning assets accordingly. 

The bank's non-interest revenue was supported by an increase in trading income," the analysts at Cardinal Stone said in a note 

The shareholder's fund of UBA's Group rose to N922.1 billion as at  December 2022, it achieved a growth of 14.6 percent, compared to the prior year 

In response to the result, Oliver Alawuba, UBA's CEO, said notwithstanding the tight and challenging operating environment,the bank continued to deliver significant performance.

According to Ugo Nwaghodoh UBA's Executive director of finance and risk management, says going by the recent performance, UBA remained on strong footing and was comfortably positioned to take on more opportunities in Nigeria, Africa, and beyond. 

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