The United Bank for Africa (UBA) has released its audited results for 2021 showing an impressive performance in key financial metrics.
The 2021 financial result was filed by the bank at the Nigerian Exchange Limited (NGX) at the weekend.
It showed that gross earnings rose significantly to N660.2 billion, representing an increase of seven per cent, compared to N616.8 billion recorded at the end of the 2020 financial year.
The bank’s total assets grew by 11 per cent to an unprecedented N8.5 trillion in the year under review, up from N7.7 trillion in 2020, thus making the first time the bank’s assets would cross the N8 trillion mark.
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.
The profit after tax grew by 8.7 percent to N118.7 billion in 2021, compared to N109.2 billion recorded the previous year. Similarly, its net loans grew by 7.7 per cent to N2.8 trillion.
Customers’ deposits rose by 12.2 per cent to N6.4 trillion, compared to N5.7 trillion in the corresponding period of 2020.
This was a reflection of increased customer confidence, enhanced customer experience, successes from the ongoing business transformation programme and the deepening of the bank’s retail banking franchise