UBA Reveals Strategies for Growth in 2024 Amidst Impressive Financial Performance

United Bank for Africa (UBA) Plc has recently outlined its strategic plans to navigate the dynamic banking landscape and consolidate growth prospects for the 2024 financial year.

The bank’s Group Managing Director/Chief Executive Officer, Oliver Alawuba, discussed these plans with local and international investors during the 2023 Full Year Investors’ Conference Call.

This follows the release of UBA’s impressive financial results for the year ended December 31st, 2023.

UBA reported a significant leap in gross earnings, rising from N853.2 billion at the end of 2022 to N2.08 trillion, representing a 143% growth.

The bank’s total assets also increased by 90.22%, closing at N20.7 trillion compared to N10.9 trillion in 2022.

Profit before tax grew by 277%, reaching N757.7 billion from N200.9 billion in the previous year, and profit after tax (PAT) increased by 257%, from N170.2 billion to N607.7 billion.

Alawuba expressed confidence in UBA’s ability to achieve and even surpass its targets for the current financial year, thanks to strategic business investments made in the last year.

The bank’s strong diversity across Africa and beyond is considered a key factor in serving its growing customer base.

Regarding the recent Central Bank of Nigeria (CBN) circular on minimum capital for banks, Alawuba noted that UBA remains among the top capitalised banks and is exploring a well-defined strategy to further boost its capital base and comply with regulatory requirements.

This strategy may include a combination of options such as Rights Issue or Private Placement.

Alawuba reiterated UBA’s confidence in meeting the CBN’s capital adequacy requirements and promised to keep investors informed as they progress.

This strategic approach to growth and capital adequacy reflects UBA’s commitment to maintaining its strong position in the banking industry while navigating the challenges and opportunities of the dynamic financial landscape.