UBA Says Growth Rate Of 28.1% In Deposit In The 2022 Financial Year Vouch On The Confidence Of Customers

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The African bank, UBA plc has said that the 28.1% growth deposited by the Group in the 2022 Financial year was a   vouch for quality service and customers' confidence In banks

According to Mr. Nwaghodoh, the Group Executive Director, Risk Management and Finance, recorded a 28.1% growth in deposits to N9 trillion from N7.02 billion during the comparable period of 2021.

Nwaghodoh notes 31%  growth on PBT as strong double-digit growth in operating income. He also notes the elevated interest rate in the regime positively.

He said that slight moderation in the cost of funds despite an uptick in the rate of environment was further supported by growth in retail deposits. while return in the Average of Equity(ROAE) improve to 19.7%on the back of the significant increase in profit.

"customer deposits continue to dominate the Bank's Funding mix(83%)with a 22.9%YOY deposit growth. This demonstrates combined efforts toward depending on the wallet share of corporate, commercial, and retail customers.

The remarkable deposit growth(mostly low cost)enabled the Funding of investment securities and other earning assets."

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