Companies
Updated: March 31, 2023

UBA Records N201 Billion Profit

By Felicia Abisola Olamiji
March 31, 2023
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For the financial year which ended December 31, 2022, United Bank for Africa (UBA) Plc has recorded a 31.2 per cent increase in profit before tax to N201 billion from N153.01 billion in 2021.

The bank disclosed this in its audited financial results for the full year which ended December 31, 2022, filed at Nigerian Exchange Limited (NGX).

Similarly, the bank recorded a 43.5 per cent increase in profit after tax (PAT) from N118.7 billion recorded in 2021 to N170.2 billion in 2022.

The results showed that gross earnings rose significantly to N853.2 billion from N660.2 billion recorded at the end of the 2022 financial year, representing a strong 29.2 per cent growth.

Total assets also grew by 27.2 per cent to N10.9 trillion in December 2022, from N8.5 trillion in 2021

Consequently, UBA Group Shareholders’ Funds rose to N922.1 billion, as of December 2022, reflecting a 14.6%, compared to the previous year.