UBA Ghana’s 2024 AGM Highlights Remarkable Financial Growth: 203% Profit Increase and 34% Deposit Growth

UBA Ghana has successfully organised the 2024 Annual General Meeting on Wednesday, April 17 with key stakeholders in attendance. The bank continued its sterling financial performance trajectory performance in the 2023 financial year. UBA, 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 per cent 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 per cent 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 per cent to GH₵ 6.3 billion at year end 2023.

Delivering his statement at the meeting, the board chairman of the bank, Kweku Andoh Awortwi gave a breakdown of the bank’s performance in the year under review. According to him, as part of the bank’s commitment to creating value for its shareholders, ‘we increased our shareholders’ fund by 15 per cent from GH₵ 1.2 billion in 2022 to GH₵ 1.4 billion in 2023. Bank liquidity was 75.8 per cent in 2023, a slight growth from 2022’s position of 75.4 per cent indicating strength and health of its balance sheet’.