United Bank for Africa (UBA) Ghana Limited has made a sterling performance for the 2023 half-year results which ended in June, posting strong and impressive growth numbers.
UBA Ghana posted Profit before Tax (PBT) of GH¢295.5million for half-year of 2023 up from GH¢91.2million within the same period in 2022. This represents a whopping 224 percent increase in profit prior to tax for the period.
The impressive showing comes on the back of domestic debt exchange programme and uncertain economic environment for businesses across the globe.
Despite the economic headwinds, UBA Ghana increased its assets from GH¢5.6billion in the first half of 2022 to GH¢6.8bilion in the same period in 2023, while its customer deposits rose to GH¢5.2billion in half-year of 2023 – from GH¢4.3billion same period in 2022.
UBA Ghana’s shareholder funds stood at GH¢1.4billion in 2023 half-year from GH¢1.2billion same period in 2022
Chris Ofikulu, Managing Director of UBA Ghana and Regional CEO of UBA West Africa, commented: “We are excited about these results we have achieved during the first half of the year. The bank delivered solid results despite a challenging market environment.
“As a bank, we remain steadfast and poised to deliver excellent and value-adding product and services to our cherished customers. UBA Ghana aims to continue to deliver strong profitability at the end of the year.”
Chris Ofikulu further stated: “We exist because of our customers and that is why we go all lengths to ensure we deliver excellent customer experiences that bring them convenience and value. We will continue to delight our customers and ensure we help them grow”.
Overall, UBA Ghana’s performance in the first half of 2023 demonstrates its resilience and ability to achieve growth to become a significant player in the financial services industry in Ghana.