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Full Year 2023: UBA Gross Earnings Rises by 143% YoY, Profit hits N757.7bn
…Shareholders’ Funds Hits N2.0tn, achieving an impressive growth of 120.2%.
In another unprecedented performance, Africa’s Global Bank, United Bank for Africa (UBA) Plc, has released its audited financial results for the full year ended December 31, 2023, showing exceptional and impressive performance across all its major indicators.
The 2023 financials, filed by the Bank at Nigerian Exchange Limited (NGx) on Monday, showed an impressive leap in gross earnings, as it grew from N853.2 billion recorded at the end of 2022 to close at N2.08tn; representing a strong 143 percent growth.
The banks’ total assets also rose remarkably by 90.22 percent, doubling the N10 trillion mark, to close at N20.65 trillion in December 2023; up from N10.86 trillion in 2022. This leap remains a very significant achievement and milestone in the history of the financial powerhouse.
Despite the highly challenging global economic and business environment, UBA recorded a laudable profit before tax, with an exponential growth of 277 percent, to close the year under review at N758billion, rising from N201 billion recorded at the end of the 2022 financial year; while profit after tax (PAT) grew by 257 percent from N170 billion in 2022, to N608 billion in the year under consideration.
Consequently, UBA Group Shareholders’ Funds rose from N922 billion as at December 2022 to close the 2023 financial year at N2.0tn, achieving an impressive growth of 120.2%, compared to prior year.
In the year under consideration, UBA Group cost-to-income ratio dropped from 59.2%, in 2022, to 37.2 per cent pointing at the Group’s improving efficiency.
In fulfilment of the promise made by the UBA Group Chairman, Tony Elumelu, to shareholders at the last Annual General Meeting, the Bank proposed a final dividend of N2.30 kobo for every ordinary share of 50 kobo, for the financial year ended December 31, 2023. The final dividend is subject to the ratification of the shareholders during its upcoming annual general meeting (AGM).
Also worthy of note, UBA recorded a 61.3 percent growth in loans to customers, moving up to N5.5 trillion in 2023, whilst customer deposits improved by 90.31 percent to N14.9 trillion, compared to N7.8 trillion recorded in the corresponding period of 2022, reflecting increased customer confidence, enhanced customer experience, successes from the ongoing business transformation programme and the deepening of its retail banking franchise.
Commenting on the results, UBA’s Group Managing Director/Chief Executive Officer, Oliver Alawuba, said: “I am very pleased with the unprecedented results achieved by our Group in FY2023. The Group made a profit before tax of N758billion, from N201 billion in the prior year. The balance sheet also grew to N20.7trillion from N10.8trillion in the previous year.
He said, “The Group’s shareholder’s funds crossed N2trillion from N922bn in 2022, whilst total assets crossed the N20 trillion mark (90.2% YoY growth). The Group is well positioned for further business expansion in FY2024 having closed FY2023 with Capital Adequacy Ratio of 32.6%.”
He added that the bank’s diversified business model (Pan-African and International strategy) is justified by the contribution of its Ex-Nigeria business to the Group’s results and reinforces its resolve to expand our market share of customers, funding, digital and transaction banking businesses across Africa.
“Driven by our customer service and execution-led delivery model, we will continue to expand our market share and create value for our shareholders and meet the expectations of our various stakeholders,” the GMD stated.
UBA’s Executive Director, Finance & Risk Management, Ugo Nwaghodoh, said the 2023 full year was a particularly eventful year, with galloping inflation and currency depreciation ravaging key markets, amidst pockets of regional conflicts and security challenges.
“I am delighted however at the strong growth in earnings and profitability recoded in the year. The Group conservatively set up significant impairment reserves against its overall risk assets portfolio considering the latent impact of the macroeconomic headwinds on our credit portfolio. Consequently, Cost of Risk grew to 3.09% from 0.63% in the prior year,” Nwaghodoh noted.
On the expectation for the 2024 financial year, he said, “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.”
United Bank for Africa Plc is a leading Pan-African financial institution, offering banking services to more than thirty-five (35) million customers, across 1,000 business offices and customer touch points in 20 African countries. With presence in New York, London, Paris and Dubai, UBA is connecting people and businesses across Africa through retail, commercial and corporate banking, innovative cross-border payments and remittances, trade finance and ancillary banking services.
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ZENITHBANKCHAMPIONSTRADEANDINVESTMENTAT6THCANADA-AFRICABUSINESS CONFERENCE
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ZenithBankPlcreaffirmeditscommitmenttoadvancingtrade,investmentandeconomiccooperationbetweenCanadaandAfricaastheHeadlineConferenceSponsorofthe6thCanada-AfricaBusinessConference, held on Wednesday, 24 June 2026 at Eko Hotel & Suites, Victoria Island, Lagos.OrganisedbytheCanada-AfricaChamberofBusiness,theconferencebroughttogetherahigh-levelCanadian business delegation representing 31 companies, alongside senior government officials, businessleaders, investors, policymakers, diplomats and development partners. The gathering set out to strengthencommercial relations between Canada and Africa and to position Nigeria as a strategic gateway for Canadianbusinesses seeking opportunities across the continent.The Canadian delegation comprised companies and institutions operating across financial services, security,mining andcritical minerals,legal andprofessional services, infrastructure, technology, healthcare, educationand clean energy. Among those present were GardaWorld, Dentons, Baywood Group, Element, Trilliant andother leading Canadian enterprises exploring commercial opportunities and strategic partnerships in Nigeria.The Executive Director of Zenith Bank Plc, Mr. Akin Ogunranti, who delivered the keynote address on behalfof the Group Managing Director/CEO, Dame Dr. Adaora Umeoji, OON, described the conference as a timelyplatform for deepening commercial partnerships between Canada and Africa amid shifting global economicrealities. He underscored Africa’s readiness to lead the next phase of global economic growth, stressing thatthecontinent now possessestheinstitutions,policy frameworks andpartnershipsrequiredtoturn its immensepotential into shared prosperity.“The question is not whether Africa is rich in potential. It is whether we can turn that potential into prosperityour people can feel. For the first time, the answer is yes, because of the machinery we are now building,” hesaid.RepresentingtheGovernorofLagosState,HisExcellencyMr.BabajideSanwo-Olu,thePermanentSecretary, Ministryof Commerce, Cooperatives, Trade andInvestment, Mr. Babatunde Onigbanjo,reaffirmedthe State Government’s commitment to fostering an enabling environment for investment and internationalpartnerships, and highlighted Lagos’ position as Nigeria’s commercial hub and gateway to African markets.“Canada bringstothe tableconsiderable expertise,capital, innovation,and astrong traditionof institutionbuilding.Africa,andindeedLagos,offerscale.Weoffertalent,creativity,marketopportunitiesandanincreasingly sophisticated business environment. Together, these strengths create a compelling foundationfor transformative partnership,” he said.Speaking at the event, the Deputy High Commissioner of Canada to Nigeria, Mr. Carlos Rojas-Arbulú, notedthattheconferencereflectsthegrowingmomentuminbilateralcommercialcollaborationbetweenbothcountries. He said: “The relationship between Canada and Nigeria is not new. It is rooted in diplomacy, trade,education,culture,migration,andshareddemocraticvalues.Buttoday,Ibelieveweareenteringanewchapter: one that is more ambitious, more practical, and more human.” -
TheChairoftheBoardoftheCanada-AfricaChamberofBusiness,PaulaCaldwellSt-Onge,highlightedNigeria’sgrowing economic significance,saying: “Nigeria’s growth isnot theoretical.It is alreadybeing built byNigerian entrepreneurs, investors, financial institutions, innovators and companies whose ambition reachesacross Africa and around the world.”She also acknowledged Zenith Bank’s role in advancing the conference’s objectives, stating: “Zenith Bank isnot only oneof Africa’s leadingfinancial institutions, it isthe capital behindwhat you seehere today, and itrepresents the skill, ambition, discipline, innovation and excellence that this conference seeks to showcase.”Theconferencefeaturedhigh-levelpaneldiscussionsonCanada-Africacommercialrelations,investmentopportunitiesacrossprioritysectors,andtheimplementationoftheAfricanContinentalFreeTrade Area(AfCFTA). The sessions brought together policymakers, business executives and industry experts to identifypracticalpathwaysforstrengtheningcommercialpartnershipsandacceleratingsustainableeconomicdevelopment.The conference is expected to strengthen Nigeria’s attractiveness as a destination for Canadian investment,while opening new opportunities for technology transfer, private sector collaboration, job creation and long-termeconomicgrowth.ItalsoreinforcesNigeria’spositionasastrategichubforbusinessesseekingtoaccess opportunities across Africa under the AfCFTA, supporting the country’s ambition to expand its role inregional and global trade.
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HabariPay Launches Maiden “HabariPay Impact Report 2025”, Showcasing Its Journey, Business Evolution, and Contributions to Digital Payments
HabariPay Limited, the fintech subsidiary of Guaranty Trust Holding Company Plc (“GTCO” or the “Group”), has unveiled its maiden HabariPay Impact Report 2025, providing stakeholders with a comprehensive account of the company’s evolution, innovation journey, business performance, and impact on the digital payments landscape.The report captures HabariPay’s transformation from a newly established fintech venture into one of Nigeria’s leading payment infrastructure providers, highlighting the milestones, strategic decisions, and investments that have shaped its growth. It showcases the company’s contributions to enabling digital commerce, supporting businesses, strengthening payment infrastructure, and expanding financial access through technology-driven solutions.The HabariPay Impact Report 2025 also highlights the company’s strong financial and operational performance, the growth of the Squad platform, and the development of infrastructure that powers payment acceptance, switching, transfers, merchant services, and value-added solutions. The publication further explores the role of innovation, talent development, and ecosystem partnerships in driving the company’s success.Speaking on the launch of the report, the Managing Director of HabariPay, Eduofon Japhet, said: “As a technology-driven company, we believe that impact extends beyond financial performance. It is reflected in the businesses we enable, the merchants we support, the infrastructure we build, and the opportunities we create for the next generation of innovators. The HabariPay Impact Report 2025 captures this journey and demonstrates our commitment to creating sustainable value for customers, partners, and the broader economy.”She further added: “The HabariPay Impact Report 2025 represents more than a reflection on our achievements; it is a testament to the deliberate investments we have made in building sustainable payment infrastructure, empowering businesses, fostering innovation, and creating long-term value for our stakeholders. As we look ahead, we remain committed to expanding our capabilities, deepening our impact, and shaping the future of digital payments through technology-driven solutions that are secure, scalable, and inclusive.”The report also showcases HabariPay’s investments in innovation through initiatives such as the Take on Squad Hackathon and the Squad Hackademy, both of which are helping to develop future technology talent and accelerate the creation of practical solutions to real-world challenges.Looking ahead, the publication outlines HabariPay’s vision for the future, including continued investment in payment infrastructure, merchant solutions, digital innovation, and intelligent technologies that will shape the future of financial services.
To access the HabariPay Impact Report 2025, please click the below: https://squadco.com/impact-report/About HabariPayHabariPay Ltd is the fintech subsidiary of Guaranty Trust Holding Company Plc (GTCO), one of the largest financial services institutions in Africa with direct and indirect investments in a network of operating entities located in 10 countries across Africa and the United Kingdom.Licensed by the Central Bank of Nigeria (CBN), our goal is to support SMEs, micro merchants, large corporations, and other fintechs (Tech Stars) with the tools they need to thrive in an evolving digital economy and expand beyond their current market reach. HabariPay’s solutions include Squad, a full-scale digital payments toolkit to make in-person and online payments simpler, HabariPay Storefront, an e-commerce website to facilitate online purchases, Value-Added Services to help merchants access cost-effective and flexible airtime and data bundles to run their businesses, as well as a switching infrastructure that enables tech-focused businesses to optimise cost and make transactions more efficient.HabariPay’s contributions to Accelerating Digital Acceptance in Africa have not gone unnoticed–it received Mastercard’s Innovative Mobile Payment Solution Award at TIA 2022 for its innovative payment solution, SquadPOS.
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