Tony Elumelu's UBA Emerges Nigeria's Most Profitable Bank, Grows Revenue by 163% in 6 Months
- United Bank for Africa (UBA) has emerged as Nigeria's most profitable bank for the first half of 2023
- The bank statement reveals that it earned about N350 billion in the period under review.
- UBA's earnings beat that of Zenith, Access Bank, and First Bank in the review period
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On his Facebook Page, Nigerian billionaire investor and Chairman of United Bank for Africa (UBA), Tony Elumelu, released the bank's earnings for the half year 2023.
The post, made on September 14, 2023, solidified the bank's position as the most profitable in Nigeria.
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Tony Elumelu celebrates UBA's earnings.
"Exciting News from UBA Group," Elumelu's post says, revealing the bank's impressive performance in the first six months of 2023.
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Elumelu's post also reveals the amount the bank paid shareholders, who are smiling at their fat bank accounts, courtesy of the juicy earnings.
"I commend the entire UBA Group Tribe led by the Group CEO, Oliver Alawuba, for this impressive result. I say a huge thank you to all our over 40 million customers in Africa and worldwide for believing in UBA," Elumelu said.
The bank emerged as Nigeria's most profitable bank in the first half of 2023 on June 30.
Its pre-tax profit of N404 billion eclipses Zenith Bank's N350 billion, First Bank's N206 billion, and Access Bank's $167.6 billion.
Legit.ng reported that Access Bank emerged as Nigeria's biggest bank by assets via its recent earnings.
UBA's earnings represent a staggering 371% growth in pre-tax profit, compared to the N85.75 billion in the year before.
TheCable reports that the bank's earnings were possible due to profit from its other operations in the US, UK, UAE, and France, demonstrating its effective global strategy and positioning in Africa.
UBA increases shareholder's funds
UBA rounded up its performance review period with 473.76% yearly growth in net profit, recording N378.23 billion pre-tax profit.
The figure contrasts with the N70.33 billion recorded in the same period in 2022.
The bank stated that its shareholders' funds also improved to N1.71 trillion. The earnings allow the bank to increase its interim dividends by N0.20 kobo per share.
According to UBA, its customers also increased their deposits to N11.14 trillion, a 42.4% rise from N7.82 trillion in 2022.
The bank said it recorded an uptick in its total assets, which increased to N15.38 trillion at the end of June 2023 from N10.85 trillion reported at the end of December 2022.
Zenith Bank, Access Bank, UBA, and other Banks Borrowed N3.03trn from CBN in 22 days amid bad loans.
Legit.ng reported that banks’ borrowings from the Central Bank of Nigeria (CBN) surged in September from N322.97 billion in August to N3.03 trillion, an increase of 835%.
Similarly, the CBN has invested almost N10 trillion in different sectors of the Nigerian economy over the years.
According to data from CBN, from early September to Friday, September 22, 2023, total banks’ borrowings from the apex bank stood at N3.028 trillion.
Source: Legit.ng
