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Speaking on Friday at UBA’s Annual General Meeting in Abuja, Mr Elumelu assured shareholders and investors of the bank’s commitment to achieving the recapitalisation target. He highlighted UBA’s strengths as Africa’s global bank and emphasised its dedication to innovation, operational rigour, and shared value creation.
For the year 2023, UBA reported gross revenue of N2.08 trillion and a profit after tax of N607.69 billion, with total assets and shareholders’ funds closing at N20.65 trillion and N2.03 trillion, respectively.PREMIUM TIMES delivers fact-based journalism for Nigerians, by Nigerians — and our community of supporters, the readers who donate, make our work possible. Help us bring you and millions of others in-depth, meticulously researched news and information.
He emphasised that UBA maintained cost discipline, with operating costs rising in line with guidelines. The report highlighted the potential strategies for banks that may not meet the new requirements, predicting a wave of mergers and acquisitions similar to those seen during the 2004/2005 recapitalisation, which reduced the number of banks from 89 to 25.
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