United Bank for Africa (UBA) Plc reported significant financial growth for the first half ending June 30, 2023, according to an audited report released to the Nigerian Exchange Limited on Tuesday.

Despite global economic challenges and regional geopolitical issues, UBA’s profit before tax reached N404 billion. This figure is a 371% increase compared to N85.75 billion during the same period in 2022. The bank also noted an annualized return on average equity of 57.7%, a substantial rise from 17.1% the previous year.

Other notable results from the report include:

– A profit after tax of N378.24 billion, up 437.8% from the first half of 2022.

– An operating income of N783.96 billion, a 206.6% increase from N255.67 billion reported in 2022.

– Gross earnings of N981.78 billion, representing a 164% growth.

– Total assets exceeding N15 trillion, specifically reaching N15.38 trillion. This is a 41.7% increase from the previous year.

– Customer deposits surged 42.4% to N11.14 trillion.

– Shareholders’ funds reached N1.712 trillion, indicating robust internal capital generation.

Reflecting its consistent dividend payment culture, UBA’s board approved an interim dividend of 50k per share, more than a 150% increase from the prior year.

UBA Group Managing Director and CEO, Mr. Oliver Alawuba, stated that the exceptional results demonstrate UBA’s commitment to shareholder value. Alawuba highlighted the bank’s advancements in digital payments, retail market penetration, and benefits from revaluation gains due to harmonized foreign exchange rates in Nigeria.

Alawuba further said, “The growth of our international business, especially in the UAE, underscores the benefits of our diversification strategy across Africa and globally.”

Discussing plans for the upcoming months, Alawuba expressed confidence in maintaining the bank’s strong performance trajectory.

Ugo Nwaghodoh, UBA’s Executive Director of Finance & Risk, emphasized the bank’s robust capital buffers, pointing out a capital adequacy ratio of 36.4%.

With a presence in multiple countries, including the UK, USA, and UAE, UBA offers an extensive range of banking services to over 37 million customers across 20 African nations.