The United Bank for Africa (UBA) Plc has announced a significant increase in its profitability for the first half of 2023. The bank’s profit before tax (PBT) rose by a staggering 371% to N404 billion, up from N85.75 billion recorded in the same period in 2022.
This remarkable growth in profitability has resulted in an annualized Return on Average Equity of 57.7%, a substantial increase from the 17.1% recorded a year earlier. The bank’s financial results for H1’23 showed that the Group recorded double and triple-digit growth across its major income lines.
The bank’s management attributed this impressive performance to the successful execution of key strategic initiatives, which have helped to drive growth across all business segments. The bank also highlighted its commitment to delivering superior returns to its shareholders.
This news comes as a positive development for UBA’s stakeholders and the Nigerian banking sector at large, demonstrating the bank’s resilience and capacity to deliver strong financial performance despite challenging economic conditions.
UBA continues to reaffirm its position as one of Africa’s leading financial institutions, delivering excellent financial services and contributing significantly to the growth and development of Africa’s economy.