Tony Elumelu’s UBA Reports Record-breaking Revenue And Highest Profit in History

Tony Elumelu’s UBA Reports Record-breaking Revenue And Highest Profit in History

  • United Bank for Africa (UBA) has recorded its highest-ever profit and revenue of over N2 trillion
  • The bank’s total pretax profit rose 277.2% to N757.68 billion and a gross of N607.69 billion
  • The Chairman of the Bank, Tony Elumelu, disclosed that the bank also recorded an increase in its deposit ratio’s Pascal Oparada has reported on tech, energy, stocks, investment, and the economy for over a decade.

The United Bank for Africa (UBA) has announced a 143% rise in its gross revenue to N2.08 trillion for the 2023 financial year.

The record bank’s highest ever, including a pretax profit of N607.69 billion.

UBA breaks revenue records
Chairman of the United Bank for Africa, Tony Elumelu, presents the bank's impressive financial report Credit: Bloomberg/Contributor
Source: Getty Images

UBA's deposit grows by 93%

UBA’s pretax profit rose 277.2% to N757.68 billion, showing its leading position in the financial services sector.

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The bank’s chairman, Tony Elumelu, presented the report to the Board of Directors during its 62nd Annual General Meeting (AGM).

Elumelu revealed that UBA sustained deposit mobilization efforts, growing deposits by 93% to N17.36 trillion from N8.99 trillion, which it reported in 2022.

According to reports, UBA maintained a diversified balance sheet, with total assets and shareholders’ funds of N20.65 trillion and N2.03 trillion, respectively.

The bank’s financial records were affected by growth in net interest income, which resulted from several strong expansions in its loan portfolio, higher net interest margins, and a substantial contribution from forex operations.

UBA’s forex operations also benefited from increased business activity and improved profit margins.

UBA's loan portfolio grows by 61%

In addition, its loan book grew by 61% to N5.55 trillion from N3.44 trillion, and the non-performing loan ratio reached 5.85%.

Elumelu said:

“Behind each of these figures, is the everyday work of our dedicated staff, providing tangible solutions to real-world needs, delivering value to consumers, businesses, and governments.” 

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He said UBA aids consumers across Africa and globally, seeking secure and convenient payment methods.

Elumelu said the bank facilitates governments in distributing payments to persons during crucial periods of need.

UBA’s Group Managing Director and Chief Executive, Oliver Alawuba, stressed that cost discipline was sustained, with operating costs rising by 69% and in line with guidance.

Alawuba said:

“This outcome indicates steady business-as-usual expenses, the impact of inflationary trends, deliberate increments related to planned strategic investments, and the establishment of new business ventures.

UBA proposed an N2.80 kobo per share dividend to shareholders to be ratified shortly at the meeting.

GTB Breaks records

UBA's report comes amid another record-breaking record set by Guaranty Trust Bank (GTB), which recorded the highest profit in Nigeria's banking history in 2023.

Guaranty Trust Holding Company Plc (GTCO), the parent company of Guaranty Trust Bank (GTBank), recorded a profit after tax of N509.3 billion in the first quarter of 2024.

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The amount is a 587.4% or six times increase when compared to N74 08 billion reported in the same period of 2023.

The profit recorded by GTBank is also the largest ever pre-tax profits in Nigerian banking history.

Four Nigerian banks earn N8 trillion in 12 months previously reported that about four Nigerian banks by market cap achieved a combined gross earnings of N7.99 trillion in their 2023 financial year operations, representing a 248% increase from the 2022 record.

The four banks include Access Holdings, Zenith Bank, United Bank for Africa (UBA), and Guaranty Trust Holding Company Plc.

Together, they posted gross earnings of N7.99 trillion, more than triple the N1.3 trillion recorded in 2022.


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Pascal Oparada (Business editor) Pascal Oparada is a Mass Communications Graduate from Yaba College of Technology with over 10 years of experience in journalism. He has worked in reputable media organizations such as Daily Independent, TheNiche newspaper, and the Nigerian Xpress. He is a 2018 PwC Media Excellence Award winner.

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