Also, shareholders’ funds increased to N1.712tn, reflecting the group’s strong capacity for internal capital generation. The board of directors also proposed an interim dividend of 50k per share .
In a statement announcing the release of the financial results, the Group Managing Director/Chief Executive Officer, Oliver Alawuba, stated that UBA’s exceptional performance underscored the Group’s commitment to consistently deliver value to its shareholders. He added that the Group made progress in digital payments, retail penetration and also benefitted from the effect of revaluation gains, arising from the harmonisation of foreign exchange rates at the different access windows in Nigeria.
He said, “The Group recorded strong double-digit growth in revenues and profits from its operations, the result also reflects the effect of sizeable revaluation gains, arising from the harmonisation of currency exchange rates in Nigeria. “Our reporting currency found a new exchange level at about N756 to $1as of 30 June 2023, compared to N465 at the beginning of the year. The results again demonstrate the benefits of our long-held diversification strategy across Africa and globally. The growth of our international business, most recently in the UAE, only reinforces this earnings quality.”All rights reserved.
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