UBA Bank Ghana chalked up a year of remarkable improvement in its financial performance in 2023 compared to 2022 as its profitability, total assets, and customer deposits all witnessed marked increases.
This, its Board Chair, Kweku Andoh Awotwi said, reflects a strong business model, efficient operations and a focus on customer care.
“In the past year, UBA achieved noteworthy financial results… Our careful investment strategies and strong business model have generated favourable outcomes, driving our sustained expansion and profitability,” he said during the bank’s 2023 Annual General Meeting (AGM) in Accra. Through rigorous risk management protocols and a steadfast commitment to operational excellence, we have maintained growth despite the challenging business landscape,” he added.
Numbers behind the performance
UBA Bank’s profit before tax surged by over 200 percent, reaching GH¢276 million in 2023 from GH¢91.2 million in 2022. Gross earnings climbed by a notable 33.83 percent to GH¢1.3 billion in 2023, up from GH¢971.4 million in the previous year.
Profit after tax also nearly tripled, rising from GH¢59.6 million in 2022 to GH¢175.8 million in 2023. The bank’s total assets increased by 27.42 percent to GH¢7.9 billion in 2023, compared to GH¢6.2 billion in 2022, reflecting its overall growth and its capacity to take on more financial activities.
A significant contributor to this growth was the impressive 34.04 percent increase in customer deposits, reaching GH¢6.3 billion in 2023 from GH¢4.7 billion in 2022. This surge in deposits, the Board Chair said, indicates strong customer confidence in the UBA brand and the effectiveness of its customer-centric strategies.
While the bank’s performance across profitability, total assets, and customer deposits was positive, loans declined by 26.67 percent in 2023, dropping from GH¢1.5 billion in 2022 to GH¢1.1 billion in 2023.
UBA Bank, however, expressed confidence in its future, emphasising its commitment to operational efficiency, risk management and customer satisfaction. The bank’s focus on these areas is to ensure continued success in the near-to-medium term.
The bank’s management highlighted its cost-optimisation measures as a key driver behind the significant improvement in net operating income, which grew by 33 percent from GH¢682 million to GH¢904.8 million. This focus on cost-effectiveness demonstrates the bank’s commitment to prudent financial management. “We have established a solid foundation that will enable us to consistently generate value for our stakeholders in the upcoming year,” Managing Director/Chief Executive Officer, Uzoechina Molokwu affirmed.
He added that UBA Bank’s financial performance in 2023 showed it was on an upward trajectory and was confident that with a commitment to financial prudence and strategic customer-centric initiatives, the bank was well-positioned to navigate the complexities of the domestic and regional business sphere.
