Total assets rose remarkably by 27.2 per cent, crossing the N10trillion mark, to close at N10.9trillion in December 2022; up from N8.5trillion in 2021. This is a very significant achievement and milestone in the history of the powerhouse financial institution.
Despite the highly challenging global economic and business environment, UBA recorded a laudable profit before tax, with a 31.2 per cent growth, to close the year under review at N200.8 billion, rising from N153.01 billion recorded at the end of the 2021 financial year; while profit after tax (PAT) grew by 43.5 percent to N170.2billion in 2022, compared to N118.7 billion recorded the year before. Consequently, UBA Group Shareholders’ Funds rose to N922.1billion, as at December 2022, achieving an impressive growth by 14.6 per cent, compared to prior year.
In the year under consideration, UBA Group cost-to-income ratio dropped to 59.2 per cent, from over 60 per cent in prior year, pointing at the Group’s improving efficiency.
