UBA's Loan Portfolio Records N605 Billion Growth

The United Bank for Africa (UBA) revealed on Wednesday that for the 2022 financial period, it grew its loan portfolio by N605 billion.

The bank disclosed this during its audited 2022 results conference call (Strategic review and outlook), which was addressed by the Group Managing Director/Chief Executive Officer, Oliver Alawuba.

Alawuba told investors during the event that the growth in UBA’s loan portfolio was in line with the overall objective of stimulating growth in the real sector.

“We grew our loan portfolio by N605 billion, or 21.4 per cent, from the prior year. We continue to maintain a close focus on cost efficiency and strictly control operating expenses across the Group, including our new strategic investments.

"Consequently, our reported cost-to-income ratio stood at 59.1 per cent.”

In terms of capital adequacy, UBA says it maintained a Capital Adequacy Ratio of 28.3 per cent, which was above the regulatory requirement of 15 per cent.