United Bank for Africa (UBA) has released its Q1 2023 unaudited results, showing significant growth across its major income lines. The bank’s gross earnings rose by 47.5% to ₦271.2bn ($658m) from ₦183.9bn in Q1 2022, while interest income grew by 53.4% to ₦191.9bn. Operating income also rose by 39.6% to ₦175.7bn. UBA’s profit before tax (PBT) rose by 38.2% to ₦61.4bn, and its profit after tax (PAT) jumped by 29.1% to ₦53.6bn. UBA CEO Oliver Alawuba attributed the growth to the bank’s digital offerings and uptick in interest rates.
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Cameroon: Local UBA subsidiary most profitable one outside Nigeria
UBA Cameroon closed the 2022 fiscal year with a net profit of 10.5 billion nairas ($25.5 million), up 17.5% compared to the previous year, driven by a 12% increase in its net banking revenue, which reached 40 billion nairas. The bank’s credit and public securities segments contributed to its balance sheet, which totaled XAF 559 billion ($1.02 billion) as of December 31, 2022. Despite a significant increase in operating expenses, UBA Cameroon’s financial results made it the most profitable subsidiary of Nigerian UBA group in Africa outside Nigeria.
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Nigeria: UBA appoints first female CEO, Abiola Bawuah
The United Bank for Africa (UBA) has appointed Abiola Bawuah as CEO, the first woman to hold the role. Bawuah was previously regional CEO for West Africa, supervising the bank’s operations in nine countries. The UBA Group has also made several other executive appointments, including Chris Ofikulu as regional CEO for West Africa, Uzoechina Molokwu as deputy managing director of UBA Ghana, and Ayokunle Olajubu as managing director/CEO of UBA Liberia. Theresa Henshaw was appointed CEO of UBA UK and Samuel Oni retired from the board after eight years.
Categories: Banks -
UBA Ghana Ranks Number One in Customer Experience Survey
United Bank for Africa (UBA) Ghana has been ranked the highest in the retail segment of the Ghana Banking Industry Customer Experience Survey 2022 conducted by KPMG Ghana. It was closely followed by Standard Chartered, ABSA, CalBank and NIB, in that order. The insights from the report is expected to help banks rethink their approach to customer experience.
Categories: Banks