In a remarkable display of financial strength and strategic prowess, United Bank for Africa (UBA) Plc has announced its unwavering commitment to sustaining impressive profitability in the second half of 2023. Building upon its stellar performance in the first half of the year, the bank pledges to prioritize customer-centric values and drive further growth by year-end.
During the H1 2023 Investor Conference Call Presentation, UBA’s Group Managing Director/Chief Executive Officer, Oliver Alawuba, highlighted the bank’s exceptional performance, characterized by robust revenue generation, prudent cost management, and strategic capital allocation. These accomplishments have solidified UBA’s position as a leading financial institution in Africa and beyond.
In the first half of 2023, UBA reported a staggering profit before tax of N404 billion, representing a remarkable 371 percent increase compared to the same period in 2022, solidifying its status as the most profitable financial institution in Nigeria. Operating Income also witnessed significant growth, surging by 206.6 percent to N783.96 billion in June 2023, surpassing the N255.67 billion reported the previous year. Furthermore, Gross Earnings experienced a remarkable 164 percent increase, reaching N981.78 billion in June 2023, up from N372.36 billion in June 2022.
Alawuba emphasized, “These figures reflect our ability to finance future growth and support the aspirations of individuals, families, businesses, and non-profit organizations. We remain dedicated to our Customer First philosophy and aim to become the preferred choice for customers across all markets we operate in.”
He continued, “Thanks to our extensive scale, geographic reach, and diversified business portfolio, we have numerous growth opportunities. To capitalize on these opportunities, we are implementing plans to enhance our network across all countries and businesses while improving the profitability of our core operations through disciplined capital allocation.
“Despite the remarkable achievements in the first half of the year, UBA is unwavering in its commitment to providing excellent services to its customers and remaining focused on its strategic objectives. For instant, just recently, the bank unveiled a special financing initiative in partnership with the African Continental Free Trade Area (AfCFTA) secretariat, which aims to inject up to $6 billion into eligible SMEs across Africa over the next three years.
This initiative will offer tailored financing solutions to SMEs in sectors such as agro-processing, pharmaceuticals, automotive and transport, and logistics.
UBA’s Executive Director Finance & Risk Management, Ugo Nwaghodoh, highlighted the bank’s investments in digital banking, which have resulted in a significant boost in digital banking income, growing by 53.7 percent year-on-year to N57.2 billion. These gains have allowed UBA to optimize net earnings amid challenges like accelerating inflationary pressure, currency devaluation, and increased regulatory-induced costs.
With a steadfast focus on sustained growth across its African markets, UBA continues to deliver innovative and personalized financial products and services tailored to the diverse needs of its customer base.UBA stands as a leading pan-African financial institution, serving over thirty-seven million customers through its extensive network of 1,000 business offices and customer touchpoints across 20 African countries.
With a global presence in New York, London, Paris, and the UAE, UBA plays a pivotal role in connecting people and businesses across Africa through retail, commercial and corporate banking, cross-border payments, trade finance, and ancillary banking services