Pan-African bank United Bank for Africa (UBA) has released its audited financial results for the year ended December 31, 2022, showing strong performance across the board.
Gross profit increased 22.2% from $1.6 billion in 2021 to $1.9 billion in 2022.
Significant growth in total assets and earnings
UBA’s total assets saw a considerable increase of 21.6%, reaching $23.6 billion in 2022, compared to $19.4 billion in 2021. Despite a challenging global economic and business environment, UBA recorded a 23.5% growth in pre-tax profit, closing the year at $446.4 million.
Final dividend of 0.2 cents and increase in customer loans
UBA has proposed a final dividend of 0.2 cents for every 0.11 cent common share for the year ended December 31, 2022. The bank also saw 21.4% growth in customer loans, reaching 7, $5 billion in 2022.
Improved customer experience and growth in deposits
UBA’s customer deposits improved by 22.9%, from $14.6 billion in 2021 to $17 billion in 2022. This growth reflects increased customer confidence, improved customer experience and successes in the business transformation program underway.
Group Chief Executive comments and outlook for 2023
UBA Group Chief Executive Oliver Alawuba highlighted the bank’s significant performance despite a tight and difficult operating environment. On the outlook for 2023, Alawuba said UBA is strategically positioned to grow its market share and continue its expansion into Dubai, UAE, as well as grow its digital banking and payment business.
UBA: a leading pan-African financial institution
United Bank for Africa Plc is a leading pan-African financial institution, providing banking services to more than 25 million customers in 20 African countries and on 4 continents. The bank has a presence in the United States, United Kingdom, France and more recently the United Arab Emirates, connecting people and businesses across Africa through retail banking, commercial banking, innovative cross-border payments, remittances, trade finance and ancillary banking services.
Continuous expansion and technological innovation
UBA continues to invest in technology innovation to deliver cutting-edge digital banking services and enhance the customer experience. The bank has also strengthened its presence in international markets, which demonstrates its desire to become a key player in the global banking sector.
UBA’s involvement in sustainable development and financial inclusion
The bank is also committed to sustainable development and financial inclusion in Africa. UBA supports various projects and initiatives aimed at improving access to financial services for unbanked populations and contributing to the economic development of the continent.
A promising future for UBA and its shareholders
UBA’s outstanding performance in 2022 and its promising outlook for 2023 suggest a bright future for the bank and its shareholders. Through continued growth, international expansion and commitment to innovation and sustainability, UBA is poised to become an undisputed leader in pan-African and international banking.
In conclusion, the year 2022 was marked by an excellent performance for United Bank for Africa, with profits reaching $446.4 million and a final dividend of 0.2 cents. The impressive growth in total assets, customer loans and deposits demonstrates customer confidence and the success of the ongoing transformation program. With promising prospects for 2023 and beyond, UBA is on the path to success and expansion, delivering attractive returns for its shareholders and continued positive impact in the regions and economies where it operates.