Nigeria's United Bank for Africa (UBA) has reported impressive growth across major financial indices in its audited financial results for the full year ending December 31, 2022. The bank's gross earnings rose to N853.2 billion, a 29.2% increase from N660.2 billion in 2021, while total assets increased by 27.2% to close at N10.9 trillion, surpassing N10 trillion in December 2022.
UBA's Profit Before Tax (PBT) also recorded significant growth, rising by 31.2% to N200.8 billion in 2022, up from N153.01 billion recorded in the previous year. Profit After Tax (PAT) also saw a 43.5% growth, closing at N170.2 billion in 2022, compared to N118.7 billion recorded in 2021.
In addition, the bank's Shareholders' Funds increased by 14.6% to N922.1 billion in December 2022. The cost-to-income ratio dropped to 59.2%, indicating an improvement in the bank's efficiency, as well as a 21.4% growth in loans to customers, amounting to N3.4 trillion in 2022. Customer deposits also improved by 22.9% to N7.8 trillion from N6.4 trillion recorded in the corresponding period of 2021.
Group Managing Director of the bank, Oliver Alawuba, has attributed the impressive results to increased customer confidence, enhanced customer experience, successes from the ongoing business transformation programme, and the deepening of its retail banking franchise.
To reward its shareholders, UBA has proposed a final dividend of 90 kobo for every ordinary share of 50 kobo, subject to ratification during the coming Annual General Meeting (AGM). This final dividend, coupled with the interim dividend of 20 kobo based on its audited 2022 half-year results, will bring the total dividend for the year to N1.10 per share.
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