The United Bank for Africa (UBA) reported on Wednesday that its loan portfolio increased by N605 billion during the 2022 fiscal year.
This information was provided by the bank on Tuesday during its strategic review and outlook conference call for its audited 2022 results, which was hosted by Oliver Alawuba, the group managing director and chief executive officer.
During the event, Alawuba informed investors that the expansion of UBA’s loan portfolio was consistent with the overall goal of promoting growth in the real estate sector.
In comparison to the previous year, we increased our loan portfolio by N605 billion (21.4%), he said. We are still very concerned with cost effectiveness, and we strictly regulate operating costs across the entire Group, including our new strategic investments. Because of this, our reported cost to income ratio was 59.1%.
According to UBA, it maintained a capital adequacy ratio of 28.3%, which was higher than the regulatory requirement of 15%.
The bank added that the achievements were made despite the unstable market conditions and numerous operational difficulties it encountered during the financial year. The bank also reaffirmed its commitment to enhancing performance in the years to come.
Alawuba stated that it would increase revenue across all of its business segments this fiscal year while putting a strong emphasis on its clients.
