UBA records N85.7 billion Profit Before Tax in its audited financial results for the first half of 2022

United Bank for Africa (UBA) Plc has recorded N85.7 billion Profit Before Tax in its audited financial results for the first half of 2022, H1’21, a 12.6 per cent growth against N76.2 billion recorded in the same period of 2021.

The Bank also declared an interim dividend of 20 kobo per share for its existing shareholders.

The bank’s gross earnings hit N372.4billion, a 17.8 per cent growth against the N316 billion posted the same period in 2021.

A further breakdown of the Bank’s half-year result, which was filed with the Nigerian Exchange Group(NGX), showed that total assets continued on an upward trajectory, increasing 5.4 per cent to about N9 trillion.

UBA’s Group Managing Director/Chief Executive Officer, Oliver Alawuba, commenting on the result, said the stellar performance was in line with management’s expectation, adding that the bank’s continued focus on its customer-first philosophy to pursue the mission of providing superior value to our stakeholders had increased low-cost customer deposits, and boosted the growth of its payment and transaction banking.

He stated: “Our investments in state-of-the-art technology has continued to yield expected results and this is evident in the huge boost of our digital banking income, which grew 22.7 per cent year-on-year to N36.3 billion. These gains have enabled us optimise net earnings amid the accelerating inflationary pressure, currency devaluation, and increased regulatory-driven costs.

“Together, with our highly motivated workforce, we are poised to usher the business into a new era of growth that will deliver superior value to all stakeholders.”