Would you like to receive notifications on latest updates of the following headlines?

UBA Determine to Fulfill Increased Capital Base of N500 Billion

POSTED ON April 15, 2024 •   Business      BY Abiodun Saheed Omodara
UBA Logo l Credit:UBA l Source:X

The United Bank for Africa Plc has expressed confidence in its ability to meet the new capital base specified by the Central Bank of Nigeria.

UBA’s Group Managing Director/Chief Executive Officer, Oliver Alawuba, in a statement issued on Sunday, disclosed that the banks’ local and international investors during its 2023 Full Year Investors’ Conference Call on Friday, following the release of the bank’s financial result for the year ended December 31, 2023.

The GMD said that UBA remains among the top capitalised banks, and he added that the bank is actively exploring a well-defined strategy to boost its capital base and ensure compliance within the regulatory time frame.

The GMD said that at the end of the 2023 financial year, UBA recorded an impressive leap in gross earnings, as it grew from N853.2bn to close at N2.08tn; representing a strong 143 percent growth; total assets also rose remarkably by 90.22 percent, to close at N20.7tn up from N10.9tn in 2022.

He said UBA’s profit before tax grew by 277 per cent, to close at N757.7bn, up from N200.9bn recorded in 2022; while profit after tax increased by 257 per cent from N170.2bn in 2022, to N607.7bn.

Explaining how the banking group intends to manage the risk of Non-Performing Loans in the face of the harsh business operating climate in Africa, Alawuba, indicated plans to employ proactive credit monitoring, restructuring strategies for at-risk loans, and increased provisioning coverage.

“We expect to keep NPLs at 4.5 per cent for the 2024 full year. This commitment to credit quality is to further strengthen our ability to support our customers, and protect shareholders’ value while contributing to overall economic activity, even in a dynamic economic environment,” he explained.

The UBA’s Executive Director, Finance & Risk Management, Ugo Nwaghodoh, in his comments, was confident of an even better performance in the 2024 financial year and pointed out that with its growing investments, both in technology and IT Security, the bank is well on its way to ensure growth in its business.

“The Group remains fervently committed to sustainable growth and maintaining its strong compliance and risk management practices culture even as we drive our business through the next phase of growth,” Nwaghodoh stated.

 

READ ALSO
US Economic Growth to Decelerate Amid Trade Tensions, Policy Uncertainties
BY Abiodun Saheed Omodara May 16, 2025 0

The United Nations Department of Economic and Social Affairs (UN DESA) has indicated that the global...

READ ALSO
Trade Tensions Rise as South Korea and U.S. Prepare for Key Discussions
BY Abiodun Saheed Omodara May 16, 2025 0

AFP - South Korea is prepared to restart tariff discussions with Washington during an important APEC...

READ ALSO
Sanwo-Olu Establishes Apapa Central Business Office to Enhance Infrastructure, Business Climate
BY Abiodun Saheed Omodara May 15, 2025 0

Lagos State Governor, Babajide Sanwo-Olu, has sanctioned the creation of the Apapa Central Business...

READ ALSO
NBS Reports April 2025 Inflation Rate Falls to 23.71%, Highlighting Food Safety Risks
BY Abiodun Saheed Omodara May 15, 2025 0

The inflation rate for April 2025 dropped to 23.71 percent, down from 24.23 percent in March 2025, m...

READ ALSO
Nasarawa Assembly Enacts Mining Bill to Ensure Compliance and Community Welfare
BY Abiodun Saheed Omodara May 14, 2025 0

NASARAWA, Nigeria - The Nasarawa House of Assembly On Tuesday approved a mining bill aimed at regula...

READ ALSO
CBN Launched BVN Platform for Nigerians Living Abroad
BY Abiodun Saheed Omodara May 14, 2025 0

The Central Bank of Nigeria (CBN), in partnership with the Nigeria Inter-Bank Settlement System (NIB...

READ ALSO
Tinubu Calls for Unified Tax System to Enhance Revenue Generation and Equity
BY Abiodun Saheed Omodara May 13, 2025 0

ABUJA, Nigeria - President Bola Tinubu has reiterated his commitment to undertaking bold and compreh...

READ ALSO
World Bank: Tinubu’s Reforms Bringing Stability to Nigeria’s Economy
BY Abiodun Saheed Omodara May 13, 2025 0

ABUJA, Nigeria - The World Bank expressed approval of the federal government on Monday, noting that...

OUR CHANNELS:

Trade Tensions Rise as South Korea and U.S. Prepare for Key Discussions
BY Abiodun Saheed Omodara May 16, 2025 0

AFP - South Korea is prepared to restart tariff discussions with Washington during an important APEC...


Obi Urges Tougher Penalties for Corruption amid Nigeria's Leadership Crisis
BY Abiodun Saheed Omodara May 16, 2025 0

Peter Obi, a prominent opposition figure in Nigeria, has called for harsher penalties for corrupt po...


ECOWAS Court Orders Nigeria to Release Businessman Imprisoned Since 2009
BY Abiodun Saheed Omodara May 16, 2025 0

The Economic Community of West African States Court on Thursday has mandated the Nigerian Federal Go...


Sanwo-Olu Establishes Apapa Central Business Office to Enhance Infrastructure, Business Climate
BY Abiodun Saheed Omodara May 16, 2025 0

Lagos State Governor, Babajide Sanwo-Olu, has sanctioned the creation of the Apapa Central Business...


NBS Reports April 2025 Inflation Rate Falls to 23.71%, Highlighting Food Safety Risks
BY Abiodun Saheed Omodara May 16, 2025 0

The inflation rate for April 2025 dropped to 23.71 percent, down from 24.23 percent in March 2025, m...


Police Re-Arraign VeryDarkMan for Alleged Cyberbullying of  Nollywood Actress, others
BY Abiodun Saheed Omodara May 15, 2025 0

Controversial social media personality Martins Otse, popularly known as VeryDarkMan (VDM), was on Th...


Actress Jumoke George Shares Emotional Journey as Daughter Adeola is Found
BY Abiodun Saheed Omodara May 15, 2025 0

Adeola, the 41-year-old daughter of renowned Yoruba actress Jumoke George, has been located in Mali...


House of Representatives Advances Bill to Make Voting Mandatory for Nigerians
BY Abiodun Saheed Omodara May 15, 2025 0

Abuja, Nigeria- The House of Representatives has passed for second reading a bill seeking to am...


NANS Calls for JAMB Registrar Ishaq Oloyede's Resignation Over 2025 UTME Errors
BY Abiodun Saheed Omodara May 17, 2025 0

The National Association of Nigerian Students (NANS) has called for the resignation of Ishaq Oloyede...


Peter Obi Commends JAMB’s Accountability, Warns of Institutional Fragility Over UTME Glitches
BY ROCKETPARROT.com staff May 16, 2025 0

Former Anambra State Governor and Labour Party presidential candidate in the 2023 elections, ...


More Articles

Load more...

Menu