United Bank for Africa reported an annual profit of N170 billion in 2022, up from the N118 billion recorded the previous year, indicating a 30.1% growth rate.
The bank disclosed this in a statement on its audited financial results for the full year ended December 31, 2022.
In its report, it showed that gross earnings rose significantly to N853.2 billion from N660.2 billion recorded at the end of the financial year of 2021, indicating a 29.2% growth rate.
Total assets rose by 27.2%, crossing the N10 trillion mark to close at N10.9 trillion in December 2022, up from N8.5 trillion in 2021. Total liability also rose to N9.94 trillion in 2022 from N7.7 trillion in 2021.
UBA recorded a laudable profit before tax, with a 31.2% growth, to close the review year at N200.8 billion, rising from N153.01 billion recorded at the end of the 2021 financial year, while the profit after tax grew by 43.5% to N170.2 billion in 2022 compared to N118.7 billion recorded the previous year.
The bank also proposed a final dividend of 90 kobo for every ordinary share of 50 kobo for the financial year ending on December 31, 2021. The total dividend for the year was N1.10 per share.
