UBA to generate value  for stakeholders — MD assures
Board and shareholders after the AGM

UBA to generate value for stakeholders — MD assures

Managing Director of United Bank for Africa (UBA), Uzoechina Molokwu, says the bank has established a solid foundation that will enable to consistently generate value for its stakeholders in the upcoming year. 


However, he noted that, achieving this goal will require continuous effort and a commitment to specific crucial factors, namely: Continuously harnessing technology and innovation to provide effective support to our business units and deliver excellent and swift customer service; Leading efficiency in processes and costs by streamlining all steps to offer faster, convenient, and seamless service to the bank’s valued customers, and ensuring value for money while minimising waste.

Delivering his address at the bank’s Annual General Meeting (AGM) in Accra, he said the bank is also poised to develop “our human capital by enhancing productivity through innovative talent and performance management, ensuring optimal utilization of our talented workforce; Uphold strict adherence to regulatory, internal control, and compliance policies with guidelines forzero tolerance for any violations;  and establish and nurture strong relationships with key stakeholders across all levels.

I am highly confident that by excelling in these critical areas, meeting and surpassing our expectations will be inevitable

Financial results

UBA continued its sterling financial performance trajectory in the 2023 financial year. 

The bank noted to be one of the most resilient in the industry, posted a profit before tax for 2023 of GH¢276 million in the year under review. 

This represents a whopping 203% year- on year increase from GH¢91.2 million recorded the previous year. 

Total assets of UBA Ghana grew by GH¢1.7 billion to GH¢7.9 billion for 2023 representing a 28% increase despite the economic challenges. 

In line with the bank’s strategic goal of capturing a significant market share, it succeeded in growing deposits by 34% to GH¢6.3 billion at year end 2023.

In spite of all the economic challenges, the bank’s balance sheet grew by 28% to GH¢7.9 billion (GHC6.2 billion in 2022), driven by 34 per cent customer deposits to GH¢6.4 billion from GH¢4.7 billion in 2022. 

As part of the bank’s commitment to creating value for its shareholders, it increased our Shareholders’ funds by 15%t from GH¢1.2billion in 2022 to GH¢1.4 billion in 2023. 

Bank liquidity was 75.8% in 2023, a slight growth from 2022’s position of 75.4%, indicating the strength and health of its balance sheet.

Into the numbers

Mr Molokwu in explaining the performance of the bank attributed the increase in profit to a notable increase in interest income.

“This improvement in interest earnings significantly contributed to the overall growth observed in the profit before tax for the year. 

Following increase in net operating income, cost to income ratio remained constant that is 27% for both 2023 and 2022, evidencing operational efficiency.”

Banking sector performance

Mr Molokwu gave an overview of the banking sector saying; “The performance Ghana’s banking sector improved significantly in 2023. This reflected in the industry’s 
balance sheet size and profitability.

Despite the persistent effects of the domestic debt restructuring and a challenging macroeconomic environment, the sector has demonstrated resilience, marked by growth in assets, deposits, and loans and advances.” 

According to him, as of December 2023, the total assets of the banking industry reached GH¢294.9 billion, showing a substantial year-on-year increase of 31.5% from GH¢224.3 billion recorded in December 2022.

This growth in assets was primarily fueled by a surge in deposits, which expanded by 38.8% year-on-year to GH¢199.7 billion by the end of December 2023.

Industry Return on Assets (ROA) stood at 5.4%, a significant turnaround from the -3.8% in 2022. 


The notable increase in profit was driven by robust growth in both net interest income and fee and commission income, which surpassed the growth rate of operating expenses by a considerable margin.

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