UBA announces N41.5bn profit in Q1 2022
United Bank for Africa Plc (UBA) has reported N41.5billion profit in its unaudited financial statement for the first quarter (Q1) ended March 31, 2022.
The pan-African bank’s profit grew by 8.75 per cent when compared to N38.16billion reported in prior quarter results.
According to the unaudited result and accounts posted on the Nigerian Exchange Limited (NGX) on Wednesday, UBA reported 9.6 per cent increase in profit before tax to N44.48billion in Q1 2022 from N40.58billion in Q1 2021.
UBA had commenced the 2022 financial year on the backdrop of robust earnings reported in 2021 financial year.
Despite the huge challenging business and slow economic recovery in most of its countries of operations, UBA’s profit before tax was impressive with a 20.3 per cent growth to N153.1 billion, compared to N127.3 billion at the end of the 2020 financial year; while Profit After Tax rose by 8.7 per cent to N118.7 billion in 2021, compared to N109.2 billion recorded the previous year.
In its usual tradition of rewarding shareholders, the Bank proposed a final dividend of 80 kobo for every ordinary share of 50 kobo for the financial year ended December 31, 2021. The total dividend for the year rose to N1 as the Bank had paid an interim dividend of 20kobo earlier in the year.
Group Managing Director/CEO, Kennedy Uzoka said: “Looking forward, I am particularly excited about our ongoing Enterprise Transformation Program which is designed to enhance the bank’s process agility, service delivery and customer experience.
“We are also making sizeable investments in cutting-edge technology and cyber security, to keep our innovative digital banking offerings above the curve, as we tool and re-tool our human resources to compete and win in a rapidly changing and evolving landscape.
“This will ensure the bank continues to achieve respectable top and bottom-line growth through the medium to long term.”
