Home » Nigerian businessman Tony Elumelu’s UBA reports $468.8-million profit in 2023

Nigerian businessman Tony Elumelu’s UBA reports $468.8-million profit in 2023

UBA's extraordinary performance in 2023 under Elumelu underscores its position as a leading financial institution driving economic growth and prosperity across Africa

by Omokolade Ajayi
Tony Elumelu

United Bank for Africa Plc (UBA), under the leadership of Nigerian businessman Tony Elumelu, has marked a historic milestone in its financial performance for the 2023 fiscal year, reporting a surge in profits that exceeded expectations.

According to the figures disclosed in its 2023 annual report, the pan-African financial services group witnessed an outstanding increase in profit, soaring by 257 percent to N607.7 billion ($468.8 million), compared to N170.3 billion ($131.4 million) recorded at the close of its 2022 fiscal year. This remarkable achievement underscores UBA’s resilience and robust financial management amid challenging economic conditions.

The substantial surge in profit was driven by higher interest income and a notable increase in foreign exchange earnings throughout the year.

Interest income surged from N557.15 billion ($432.9 million) to N1.075 trillion ($832.35 million), while fees and commission income witnessed a significant rise from N210.52 billion ($163 million) in 2022 to N307.31 billion ($238 million) by the end of 2023. Moreover, the net trading and foreign exchange gain amounted to N659.26 billion ($510.06 million), a substantial increase from N72.15 billion ($55.8 million) in the previous year.

UBA’s strong financial performance

UBA, a prominent player in Nigeria’s financial landscape, maintains a widespread presence across 24 countries spanning four continents, including key markets such as the UK, the United States, France, and the United Arab Emirates.

Tony Elumelu, holding a 7.39-percent stake in UBA, equivalent to 2,527,372,285 ordinary shares, not only stands as one of the leading investors on the Nigerian Exchange but also ranks among Nigeria’s wealthiest individuals.

The group’s exceptional financial performance propelled its total comprehensive income to soar from N150.5 billion ($116.4 million) in 2022 to an impressive N1.078 trillion ($832.4 million) in 2023.

Furthermore, its total assets witnessed a substantial surge from N10.86 trillion ($8.39 billion) as of Dec. 31, 2022, to N20.65 trillion ($15.93 billion) by Dec. 31, 2023. Retained earnings also experienced a remarkable increase, climbing from N429.53 billion ($331.4 million) to N919.87 billion ($709.75 million) during the same period.

UBA final dividend jumps

The robust financial performance prompted UBA’s board of directors to recommend a final dividend of N2.3 ($0.00177) per share, marking a significant increase from the N0.9 ($0.00069) per share dividend recommended in the previous year.

When combined with the N0.5 ($0.000385) per share interim dividend paid in September 2023, the total dividend for the year amounts to N2.8 ($0.00216) per share, resulting in a payout ratio of 16.32 percent and a yield of 10.92 percent.

UBA’s extraordinary performance in 2023 underscores its position as a leading financial institution driving economic growth and prosperity across Africa, as it continues to leverage its extensive network and strategic initiatives under the visionary leadership of Tony Elumelu.

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