United Bank for Africa (UBA), has assured of delivering improved performances in the years ahead.
The Bank stated this at it audited 2022 Results Conference Call. Group managing director/CEO of UBA, Oliver Alawuba stated that, “our primary business strategy is to continue to focus on the Customer, while leveraging the key pillars People, Process and Technology, in delivering positive experiences across all its touch points, physical and virtual.”
He said that “our dedicated workforce is very critical to us. We will constantly strive to simplify and streamline our processes, ensure systems stability and reliable IT architecture to support our operations.”
According to Alawuba, going forward, we have harmonised our forward-looking commitments to continue to drive excellent customer experience at all touch points, irrespective of the customer segment or delivery platform; achieve top three ranking in customer satisfaction survey, in all categories, in Nigeria and similar ranking in other subsidiaries; always ensure zero tolerance to policy and regulatory infractions groupwide; continue to focus on resolving all people-happiness related issues, including the deployment of new efficient Performance Management System to improve our reward management effectiveness; among others.
He added that “despite the global headwinds across all markets, we commit to doing more this year by driving up revenues across all major business segments, coupled with the relentless pursuit of efficiency Group-wide.”
On 2022 performance, the CEO said “despite volatile market conditions and many operational challenges, the Bank continued to deliver on key strengths built in the past years.
“For the year ended December 31, 2022, UBA delivered gross earnings of N853 billion, up 29.2 per cent on the prior year. As a result, we recorded an operating income of N591 billion, representing an increase of 33.6 per cent from N443 billion in 2021.
“Profit before tax increased by 31.2 per cent to N201 billion from N153 billion recorded in 2021 while profit after tax rose by 43.5 per cent to close the year at N170 billion from N119 billion in 2021.”
He pointed out that “in line with the overall objective of stimulating growth in the real sector, we grew our loan portfolio by N605 billion, or 21.4 per cent, from the prior year.
“We continue to maintain a close focus on cost efficiency and strictly control operating expenses across the Group, including our new strategic investments. Consequently, our reported cost-to-income ratio stood at 59.1 per cent. In terms of capital adequacy, UBA boasts an excellent capital position with a Capital Adequacy Ratio (CAR) of 28.3 per cent, well above the regulatory requirement of 15 per cent.”
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