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UBA records N153b profit rise in 2021

UNITED Bank for Africa Plc reported a profit of N153 billion for the fiscal year that concluded on December 31, 2021.

This was revealed in a statement filed with the Nigerian Exchange Group, captioned ‘UBA delivers N153 billion profit, records 11% balance sheet growth.’

The statement said, “Despite the huge challenging business and slow economic recovery in most of its countries of operations, UBA’s profit before tax was impressive with a 20.3 per cent growth to N153.1bn, compared to N127.3bn at the end of the 2020 financial year; while profit after tax rose grew by 8.7 per cent to N118.7bn in 2021, compared to N109.2bn recorded the previous year.”

“Similarly, net loans grew by 7.7 per cent growth to N2.8tn, while customer deposits rose by 12.2 per cent to N6.4tn, compared to N5.7tn in the corresponding period of 2020, reflecting increased customer confidence, enhanced customer experience, successes from the ongoing business transformation programme and the deepening of its retail banking franchise.”

The bank also revealed that its total earnings increased by 7% to N660.2 billion as of December 31, 2021, up from N616.8 billion at the end of the previous financial year.

Its total assets increased by 11% to N8.5 trillion in the year under review, up from N7.7 trillion in 2020, marking the first time the bank’s assets exceeded N8 trillion.

The bank’s operating income increased by 10% to N443 billion in the year under review, compared to N403 billion the year before, while operating expenses remained unchanged at N279 billion.

For the fiscal year ending December 31, 2021, the bank recommended a final dividend of 80 kobo per ordinary share of 50 kobo.

Kennedy Uzoka, Group Managing Director/Chief Executive Officer, commented on the results, saying that despite the tight and demanding operating environment, UBA continues to generate tremendous results.

“The year 2021 can best be described as a year of global recovery; economies around the world began to witness early-stage recoveries, as supply chains recover from the devastating disruptions suffered in 2020,” he said.

UBA’s Group Chief Financial Official, Ugo Nwaghodoh, echoed the GMD’s remarks, saying the bank had demonstrated resilience once again.

“It achieved sizeable growth and strengthened its balance sheet despite the slow pace of economic recovery that characterised the year 2021,” he concluded.

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