In its audited financials for 2023, released earlier in the year, the United Bank for Africa (UBA) posted a record N607.7 billion in annual net profit after a significant increase in interest income and foreign exchange gains impacted its bottom line by 256.9 per cent.
Gross revenue for the pan-African financial services group advanced to N2.1 trillion from N853.2 billion while interest income from lending and investment securities nearly doubled to N1.1 trillion, helped by the longest cycle of monetary policy rate tightening in Nigeria.
In his intervention, UBA’s Group Managing Director/Chief Executive Officer, Oliver Alawuba, said: “I am very pleased with the unprecedented results achieved by our Group in FY2023. The Group made a profit before tax of N758 billion from N201 billion in the prior year. The balance sheet also grew to N20.7 trillion from N10.8 trillion in the previous year.
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