United Bank for Africa, UBA, Plc, made a profit ofN153billion in the year just ended, December 31, 2021 up from N127.3billion at the previous year of 2020. This feat is higher than many analysts had expected; given the very challenging business environment caused by the COVID 19 pandemic, and the insecurity in the country, along with its slow economic recovery witnessed in most countries of operations.
Announcing its audited results for the full year ended December 31, 2021, reporting impressive performance in key financial metrics, the bank disclosed that its 2021 financial result filed at the Nigerian Stock Exchange (NSE) on March 4, 2022, showed that gross earnings rose significantly to N660.2 billion representing an increase of 7 percent compared to N616.8 billion recorded at the end of the 2020 financial year.
Total assets grew by 11 percent to an unprecedented N8.5 trillion in the year under review, up from N7.7 trillion in 2020, thus marking the first time the Bank’s assets will cross the N8 trillion mark. UBA’s Profit Before Tax was impressive with a 20.3 percent growth to N153.1 billion, compared to N127.3 billion at the end of the 2020 financial year; while Profit After Tax rose grew by 8.7 percent to N118.7 billion in 2021, compared to N109.2 billion recorded the previous year, defying the prevailing negative operating circumstances .
Similarly, net loans grew by 7.7 percent growth to N2.8 trillion, whilst customer deposits rose by 12.2 percent to N6.4 trillion, compared to N5.7 trillion in the corresponding period of 2020, reflecting increased customer confidence, enhanced customer experience, successes from the ongoing business transformation programme and the deepening of its retail banking franchise
In the year under consideration, the bank’s operating income rose by 10 percent to N443 billion compared to N403 billion in the prior year, whereas operating expenses closed the period at N279 billion.