UBA delivered strong performance in 2022 – Elumelu
By Felicia Nwosu
Despite the headwinds constraining business growth across the globe, Tony Elumelu, the Group Chairman, Board of Directors of United Bank for Africa (UBA), has revealed that in 2022, the multinational leading financial hub delivered a strong performance across all key financial metrics.
He gave this revelation during the virtual 61st Annual General Meeting of the bank. He explained that, amid the lingering uncertainties, UBA was able to consolidate its core capabilities propelled by continued focus on the bank’s operational efficiencies.
Mr. Elumelu elatedly announced that apart from the impressive financial outlook, that the Group also updated shareholders with the Audited Financial Statements for the year ended December 31, 2022, together with the Reports of the Directors, Auditors, and the Audit Committee.
“Despite the significant macro-economic challenges, UBA performed exceptionally well, benefiting from the diversification of revenue from our unique African footprint and continued investment in our businesses in global financial centres,” he said.
According to the notable financial icon, the year 2022 witnessed an uncommon positive growth outlook in its business outing across financial records. He noted that across the board, the group’s profitability grew by 31.2%, demonstrating dominance in the financial services space and contribution to the continent’s growing economy.
“In particular, the Group commenced operations in the United Arab Emirates, opening our fourth office in international financial centres outside Africa. With the Group’s entry into the Gulf, UBA continues to focus on its strategic intent to lead the way in doing business in Africa, facilitating the financing of trade and investment transactions between the Middle East and Africa, together with offering the Group an entry point into Asian markets.”
The bank also appreciated the shareholders for their steadfast commitment towards building an African financial powerhouse.
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