Following the Ghana Club 100 awards ceremony which took place on 14 October 2022, UBA Ghana has been listed among the top 100 companies in Ghana.
As disclosed by UBA Group, the Ghana Investment Promotion Centre hosts this event every year to honor and reward firms for their achievements in their various industries while also recognizing organizations that are great at what they do.
The Bank advanced, citing a recent PricewaterhouseCoopers (PwC) analysis of market shares. It is also listed as the bank with the quickest rate of deposit growth through 2021. The MD/CEO of UBA Ghana, Chris Ofikulu, announced these outstanding gains.
The event’s managing director remarked, “We are thrilled to be ranked among the top 100 firms in Ghana, which speaks to the fact that we are a viable business and have excelled in the country’s banking industry.”
Despite the difficult macroeconomic environment, the Nigerian bank has recorded good performances in the Ghana banking industry. UBA Ghana was the best-performing African subsidiary for the 2018 financial year. It recorded a profit before tax of N15.3 billion in 2018. It thus accounted for 14.4% of the N106 billion in profit before tax the group recorded in 2018.
Similarly, for the 2019 fiscal year, the Bank saw increases across several important indexes. Deposits from customers and total assets increased by more than 11% and 26%, respectively. Its retail deposits have increased by 15% annually and currently fund 50% of our bank’s customer deposits, according to the 2019 Annual Report published by the bank.
The bank’s gross earnings increased by 11% in 2020, mostly due to a 12% increase in interest revenue and a 3% increase in non-interest income. Additionally, operating income increased from GHS 393.9 million in 2019 to GHS 407.4 million in 2019, according to the bank’s 2019 financial report.
Additionally, the company has been able to maintain a healthy financial performance for 2021 and 2022 so far. In essence, it has been able to conduct lucrative business in Ghana.
