TUE APRIL 09 2024-theGBJournal| UBA Plc on Monday reported Year Ended 31 December 2023 gross earnings of N2 trillion as the Nigerian lender announced a final dividend of N2.30 per share (31 December 2022: N0.90 per share) from the retained earnings.
The Bank grew its profit after tax to N607.696 billion in the period, a surge of 257% from N170.277 billion reported in 2022.
UBA’s performance was supported by baseline growth in interest income which rose significantly by 93% to N5.28 trillion.
We note that net interest income after impairment came in at N503 billion, one of the best in the banking sector during the period.
Its capital adequacy ratio also seats pretty at 32.6% up from 29.6% despite its bulging loan book.
Customers deposit rose by 90.3% to N14.89 trillion just as loans and advances touched N5.28 trillion.
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