Gross profit of 119 billion naira from UBA in 2021
United Bank for Africa (UBA) Plc, released its audited results for the full financial year ended December 31, 2021, reporting after-tax profit of N118.7 billion compared to N109.2 billion recorded the previous year, a growth of 8.7 percent. hundred.
The financial result filed by the bank on the Nigerian Stock Exchange (NSE) showed that gross profit reached N660.2 billion, an increase of 7% from the N616.8 billion recorded in 2020.
Total assets increased by 11% to N8.5 trillion in the year under review from N7.7 trillion in 2020.
UBA’s pre-tax profit was impressive growing 20.3% to N153.1 billion from N127.3 billion at the end of 2020.
Similarly, net loans increased by 7.7% to N2.8 trillion, while customer deposits increased by 12.2% to N6.4 trillion from N5.7 trillion. naira during the corresponding period of 2020.
The bank’s operating income rose 10% to N443 billion from N403 billion the previous year, while operating expenses closed the period at N279 billion.
The bank has proposed a final dividend of 80 kobo for each 50 kobo ordinary share for the year ending December 31, 2021.
The final dividend, which is subject to shareholder affirmation at its annual general meeting, will bring the total dividend for the year to N1, as the bank paid an interim dividend of 20 kobo earlier in the year.
Commenting on the result, Group Managing Director/CEO Kennedy Uzoka said: “The year 2021 can best be described as a year of global recovery; Economies around the world have started to see early recoveries as supply chains recover from the devastating disruptions suffered in 2020.
The GMD explained that the quality of UBA’s portfolio, as well as the strength of the bank’s credit risk management frameworks and policies, remain the foundation of the positive results the bank has recorded over the years, adding that the current performance highlights UBA’s relentless customer focus and leverage on its key strategic levers – people, process and technology.
UBA Group Chief Financial Officer Ugo Nwaghodoh said the bank has made further progress in growing its business and capturing market share across its pan-African operations, with the region accounting for 63.2% the group’s profitability, compared to 55.4% in 2020; loans and advances, as well as deposits in the region, also increased by 14.5% and 27.3% respectively compared to the previous year.