UBA grows loan portfolio 21.4% to N605bn in 2022

By Cynthia Ezekwe

The United Bank for Africa said it grew its loan portfolio by  21.4 per cent to N605 billion in the 2022 financial period.

The  multinational pan-African financial services group  disclosed this recently in its  2022 audited results conference call, which was addressed by Oliver Alawuba, the Group’s  managing director/chief executive officer.

According to Alawuba, the growth in UBA’s loan portfolio was in line with the overall objective of stimulating growth in the real sector, as he noted that the group’s reported cost-to-income ratio stood at 59.1 per cent.

Meanwhile, UBA says it maintained a capital adequacy ratio of 28.3 per cent, in  terms of capital adequacy,which was above the regulatory requirement of 15 per cent.

Speaking on the current financial year, Alawuba said that it would be driving revenue up across its business segments, as well as focusing on its customers, while adding that the group will constantly strive to simplify and streamline processes, ensure systems stability and reliable IT architecture to support its operations.

The bank also expressed its commitment to improving performance in the years ahead, adding that the strong performance was accomplished despite volatile market conditions and many operational challenges it faced during the financial year.