April 9, (THEWILL) – Africa’s global financial institution, the United Bank for Africa (UBA) Plc, has reported its audited accounts for 2023, revealing gross earnings of N2 trillion, a significant increase from N835 billion just a year earlier.
This achievement marks the bank’s highest gross earnings on record and ranks as one of the highest in the banking sector for 2023.
Following this remarkable top-line performance, the bank announced a profit after tax of N607.696 billion in 2023, which represents a 257% surge from N170.277 billion in 2022.
This performance not only sets a record for the bank but also ranks among the top two best results observed so far.
The Gross Earnings of N2 trillion represent a 139.5 percent increase over the previous year’s N835 billion.
Interest Income was N1,075 or 93 percent increase while Net Interest Income rose to N707.540 billion representing 86 percent.
The group recorded Net Fees and Commission Income of N189.059 billion or 47.7 percent as Trading and Foreign Exchange Gains rose by 814 percent to N659.25 billion as Profit Before Income Tax climbed to N757.680 billion amounting to 277 percent resulting in Profit for the year.
About the Author
Sam Diala is a Bloomberg Certified Financial Journalist with over a decade of experience in reporting Business and Economy. He is Business Editor at THEWILL Newspaper, and believes that work, not wishes, creates wealth.
