Ghana: UBA Records Strong Growth in Revenue ....Profit Before Tax Jumps to $829.7 Million

22 September 2023

United Bank for Africa (UBA) Plc, Africa's Global Bank, in spite of the difficult macroeconomic challenges in the region delivered strong performance for the first half of 2023.

The results released to the Nigerian Exchange Limited on Tuesday showed that the Group recorded double and triple-digit growth across its major income lines, as it continues to show substantial progress in increasing the contribution and market share from its subsidiaries in Africa and globally, the bank in a statement copied to the Ghanaian Times in Accra yesterday said.

At the end of the first half of the year, the statement said UBA

Group reported a profit before tax of $829.7 million, representing an increase of 371 per cent, compared with $204.5 million recorded in the first half of 2022.

The statement said the bank recorded a profit after tax of $776.79 million, representing a leap of 437.8 per cent over the figure recorded in the same period last year.

"Operating Income grew by 206.6 per cent to $1.61 billion in June 2023; higher than $609.9 million reported a year earlier," it said.

"Total Assets continued a strong upward trajectory, rising above the $19.8bn mark as it hits $20.3 billion, representing a 41.7 per cent leap up from $14.4 billion recorded at the end of last year," the statement said.

Customer Deposits also rose by a sharp 42.4 per cent to $14.7 billion in the period under consideration; as against $16.9 billion recorded at the end of 2022.

The Board has approved an interim dividend of 0.07cent per share, which represents over 150 per cent increase over the prior year.

UBA's Group Managing Director and Chief Executive Officer, Mr Oliver Alawuba, commenting on the results, said the exceptional performance underscored the Group's commitment to consistently deliver value to its shareholders.

UBA's Executive Director for Finance and Risk, Ugo Nwaghodoh, said the half year 2023 financial numbers reflected an excellent performance across key metrics as the bank diligently executes its strategic priorities.

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