Ten Years A District: 10th District Training Assembly & Conference 3 Accra 2023
Thursday 6 Apirl 2023 Issue No.36
A N E W THINKING
UBA delivers strong results as profit hits US$446.4m in 2022 Declares 0.2 cents final dividend Total assets rise by 21.6 percent, Close at $23.6 billion
Africa’s Global Bank, United Bank for Africa (UBA) Plc, has released its audited financial results for the full year ended December 31, 2022, showing impressive performance across major indices. The 2022 financials, filed by the Bank at Nigerian Exchange Limited (NGx) on Thursday, showed that gross earnings rose significantly to $1.9 billion from $1.6 billion recorded at the end of the 2021 financial year, representing a strong 22.2 percent growth. Total assets rose remarkably by 21.6 percent, crossing the $20billion mark, to close at $23.6billion in December 2022; up from $19.4billion in 2021. This is a very significant achievement and milestone in the history of the powerhouse financial institution. Despite the highly challenging global economic and business environment, UBA recorded a laudable profit before tax, with a 23.5 percent growth, to close the year under review at $446.4 million, rising from $361.5 million recorded at the end of the 2021 financial year; while profit after tax (PAT) grew by 35.1 percent to $378 million in 2022, compared to $280.3 million recorded the year before. Consequently, UBA Group Shareholders’ Funds rose to $2billion, as at December 2022, achieving an impressive growth by 5.3%,
NHIA targets GH¢ 2.7m from levies in 2023 By Eugene Davies
Institute debt management strategies to boost economic growth, ECA urges member states
African countries should institute effective debt management strategies to boost economic growth and avoid falling into the debt trap, the Economic Commission for Africa (ECA) Director for Macroeconomics and Governance Division, Adam Elhiraika, has urged.
Opening a peer learning workshop
on debt management strategies for member states being held in Lusaka, Zambia from April 3- 6 2023, Mr. Elhiraika said debt management was a challenge for African countries as debt becomes a significant source of funding for their economic growth and development. 2
In the year under consideration, UBA Group cost-to-income ratio dropped to 59.1%, from over 62% in prior year, pointing at the Group’s improving efficiency. In its usual tradition of rewarding shareholders, the Bank proposed a final dividend of 0.2 cents for every ordinary share of 0.11 cents, for the financial year ended December 31, 2022. The final dividend which is subject to the ratification of the shareholders during its upcoming Annual General Meeting (AGM) will bring the total dividend for the year to 0.24 cents per share, as the Bank had paid an interim dividend of 0.04 cents, based on its audited 2022 half year results. Also worthy of note, UBA recorded a 21.4 percent growth in loans to customers, moving up to $7.5 billion in 2022, whilst customer deposits improved by 22.9 percent to $17 billion, compared to $14.6 billion recorded in the corresponding period of 2021, reflecting increased customer confidence, enhanced customer experience, successes from the ongoing business transformation programme and the deepening of its retail banking franchise.
2
The National Health Insurance Authority (NHIA) has said it expects to receive a total amount of GH¢ 2.7m in 2023 from National Helath Insurance Levies (NHIL) /SSNIT contribution and others to be able to execute its mandate in 2023, the National Health Insurance Fund Allocation Formula 2023 report has revealed. 2
Old Mutual hosts annual brokerconference in South Africa Old Mutual Ghana recently hosted a successful brokerage conference in South Africa. The conference brought together brokers from all Old Mutual Africa Regions. Old Mutual believes that partnerships with external stakeholders should be mutually beneficial. We strive to grow together with our partners and provide the necessary support for achieving growth. The conference offered a unique opportunity for our Ghanaian brokers to connect with international brokers
Elon Musk dethroned as World's richest person on Forbes' "World's Billionaire 4 s List" Central Banks in Africa must focus on small & niche banks – Standard Bank Executive 4
compared to prior year.
3
and insurance networks and learn about international broking practices and standards. They also had the chance to hear from successful brokers in the South African market who shared their experiences and insights on how to achieve growth in various lines of the insurance business. The event attracted brokers from various countries across Africa, creating excellent networking opportunities for our brokers. In addition to the professional development opportunities, our partners also enjoyed a moment of fun. During the two-day conference,
various insightful discussions, panel sessions, and presentations were held, which aimed at empowering brokers with the necessary knowledge, skills, and tools to navigate the evolving investment landscape. Some of the topics discussed include the impact of technology on brokerage, the importance of data analytics, emerging trends in asset management, and regulatory compliance. One of the highlights of the