UBA Records N85.7 Billion Profit

For the half year ended June 30, 2022, the United Bank for Africa has recorded a profit before tax of N85.7 billion which indicates a 12.6 per cent increase compared to 76.2 billion recorded in the same period of 2022.

According to the bank’s audited financial results, the tier1 lender’s gross earnings rose by 17.8 per cent to N372.4 billion from N316 billion in the same period of the 2021 financial year.

The bank’s total assets grew to N9 trillion while operating income also grew by 20.1 per cent to N256 billion in the period, and profit after tax closed the first half at N70.3 billion, up by 16.1 per cent compared to the N60.6 billion of the same period in 2021.

 Deposits rose by 7.9 per cent to N7.6tn at the end of the period, while the bank extended loans to credit-worthy customers, with loans and advances increasing by four per cent to N3 trillion.

Oliver Alawuba, UBA’s Group Managing Director/Chief Executive Offices speaking on the performance, he said the performance was in line with management’s expectations.

“The bank’s continued focus on its customer 1st philosophy to pursue the mission of providing superior value to our stakeholders had increased low-cost customer deposits, and boosted the growth of its payment and transaction banking,” Alawuba said.