Just like a pregnant woman who gives birth to her bouncy bundle of joy in 9 months, United Bank for Africa (UBA) profits incredibly — $570 million in the same time frame.

The banking company owned by a Nigerian businessman, Tony Elumelu, was confirmed to have pegged the numbers following the UBA 2022 fiscal year analysis.

Breakdown of UBA’s $570 Million Profit

According to Billionaires Africa, Tony Elumelu’s UBA (United Bank For Africa), the profit was calculated after tax deduction. In 2022, the African global bank recorded $147.27 million. While calculating UBA’s fiscal year, the bank arrived at a whopping $570 million.

Interestingly, this was not magic as the UBA’s $570 million profit is linked to the re-evaluation of investment policies in terms of the Naira. The three months following the first quarter of 2023 witnessed the Naira’s unification.

UBA’s 2023 fiscal year also witnessed enhanced interest and non-interest income. Accordingly, the bank earned $563.3 million instead of its former $358.5 million.

Following such an impressive achievement, UBA’s assets soared from $ 13.77 billion at the end of 2022 to $20.6 billion in September 2023. At the same time, its income received a fillip from $545.11 million to $952.8 million.

UBA’s $ 570 million profit would not have been possible without its roots in different countries. Apart from it being a bank to citizens in twenty-four African countries, its influence borders over three continents. The bank is a key player in the United Kingdom, the United States of America, France, and the United Arab Emirates (UAE).

Tony Elumelu Of UBA

Reports have it that the pioneer of this bank cups about 7.39%, which equals billions in shares. So, it is no surprise that such a man is a well-known investor in his continent. On top of that, Tony Elumelu is one of Africa’s wealthiest men today.