United Bank for Africa (UBA) Plc has released its audited financial results for the six months ended June 30, 2022. The bank recorded strong double-digit growth and declared an interim dividend of 0.20 kN.

United Bank for Africa announced, recording double-digit growth across major revenue lines as well as significant progress in the contribution of its subsidiaries. At the end of the first two quarters of the year, the bank was able to achieve a 12.6% increase in profit before tax (PBT) to N85.7 billion, compared to N76.2 billion in the same period of 2021.

Operating profit increased 20.1% to N256 billion during the period, while the company's after-tax profit closed Ocirc; closed the first half of the year up to N70.3 billion, up 16.1% compared to N60.6 billion in the same period in 2021. Equity, however, fell slightly by 2% to N788.5 billion. The managing director of the UBA Group, Oliver Alawuba, while commenting on the result, said that the exceptional performance was in line with management expectations.