United Bank for Africa’s profit after tax appreciated by 438 per cent in the first half of 2023 to N378.24bn, from N70.34bn in the corresponding period of 2022.

The group’s gross revenue rose by 164 per cent to N981.78bn as of June 2023 from N372.36bn recorded in June 2022.

This was disclosed in the financial institution’s interim consolidated and separate financial statements for the period ended June 30, 2023, which was released on the Nigerian Exchange Limited on Tuesday.

According to the financial results, the group’s total assets rose to N15.38tn, representing 41.68 per cent increase from N10.86tn as of the end of December 2022

UBA reported a profit before tax of N404bn, representing an increase of 371 per cent, when compared to N85.75bn recorded in the same period of 2022. This translated to an annualised return on average equity of 57.7 per cent as against 17.1 per cent a year earlier.

Customer deposits appreciated by 42.4 per cent to N11.14tn in the period under review in contrast to N7.8tn recorded at the end of 2022.

Also, shareholders’ funds increased to N1.712tn, reflecting the group’s strong capacity for internal capital generation. The board of directors also proposed an interim dividend of 50k per share (2022: 20k).

In a statement announcing the release of the financial results, the Group Managing Director/Chief Executive Officer, Oliver Alawuba, stated that UBA’s exceptional performance underscored the Group’s commitment to consistently deliver value to its shareholders.

He added that the Group made progress in digital payments, retail penetration and also benefitted from the effect of revaluation gains, arising from the harmonisation of foreign exchange rates at the different access windows in Nigeria.

He said, “The Group recorded strong double-digit growth in revenues and profits from its operations, the result also reflects the effect of sizeable revaluation gains, arising from the harmonisation of currency exchange rates in Nigeria.

“Our reporting currency found a new exchange level at about N756 to $1as of 30 June 2023, compared to N465 at the beginning of the year. The results again demonstrate the benefits of our long-held diversification strategy across Africa and globally.  The growth of our international business, most recently in the UAE, only reinforces this earnings quality.”