Elemelu celebrates as UBA emerges Nigeria’s most profitable bank in Q1 2023 – moneyamebo

Date:

  • 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

Tony Elumelu, the Chairman of the Board of Directors of UBA has released the bank’s earnings for the half year 2023 on his Facebook page. Th e billionaire disclosed that the UBA was now the most profitable bank in Nigeria.

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.

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 US, UK, UAE, and France operations, 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 2023.

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.

 

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Share post:

Subscribe

Popular

Latest Updates

More like this
Related

Former EFCC chairman, Ibrahim Lamorde, dies at 61

A former chairman of the Economic and Financial Crimes...

Oil alone cannot make Nigeria wealthy — Sanusi

A former Governor of the Central Bank of Nigeria...

CBN issues new guidelines for bureau de change operations

The Central Bank of Nigeria (CBN) has released new...

Naira gains N28.34 against dollar at official market

The Naira on Monday gained N28.34 at the official...
bitcoin
Bitcoin (BTC) $ 67,846.18 0.97%
ethereum
Ethereum (ETH) $ 3,853.31 1.40%
tether
Tether (USDT) $ 0.999278 0.04%
bnb
BNB (BNB) $ 597.98 0.95%
solana
Solana (SOL) $ 166.26 0.58%
staked-ether
Lido Staked Ether (STETH) $ 3,852.94 1.35%
usd-coin
USDC (USDC) $ 0.999863 0.02%
xrp
XRP (XRP) $ 0.524482 0.61%
dogecoin
Dogecoin (DOGE) $ 0.164622 0.57%
the-open-network
Toncoin (TON) $ 6.31 1.27%