UBA nets N153bn profit, records 11% balance sheet growth – The Sun Nigeria

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United Bank for Africa (UBA) Plc, has announced its audited results for the full year ended December 31, 2021, reporting impressive performance across key financial metrics. The 2021 financial result filed by the bank on the Nigerian Stock Exchange (NSE) on March 4, 2022, showed that gross profits increased significantly to N660.2 billion, an increase of 7% on 616.8 billion naira recorded at the end of financial year 2020.

Total assets increased by 11% to an all-time high of N8.5 trillion in the year under review, from N7.7 trillion in 2020, marking the first time that the Bank’s assets will cross the 8 trillion naira mark. Despite the huge challenge and slow economic recovery in most of its countries of operations, UBA’s pre-tax profit was impressive with growth of 20.3% to N153.1 billion from N127. .3 billion naira at the end of FY2020; while profit after tax increased by 8.7% to N118.7 billion in 2021 from N109.2 billion recorded the previous year.

Similarly, net lending increased by 7.7% to 2.8 trillion naira, while customer deposits increased by 12.2% to 6.4 trillion naira from 5.7 trillion naira. corresponding period of 2020, reflecting increased customer confidence, improved customer experience, success of the ongoing business transformation program and the deepening of its retail banking franchise

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In the year under review, the bank’s operating income increased by 10% to N443 billion from N403 billion the previous year, while operating expenses closed the period at N279. billion naira.

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