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PERFORMANCE : UBA Cameroon achieves over 15 billion FCFA in 2023

[abelainfo] - The financial report of United Bank for Africa (UBA) from Nigeria reveals exponential growth in the performance of its subsidiary in Cameroon. UBA Cameroon's profits have surged by 174%, reaching 28.6 billion nairas by the end of 2023.

As of December 31, 2023, the financial report of the Nigerian banking group United Bank for Africa (UBA) indicates exponential growth in the performance of its Cameroonian subsidiary. According to data consulted by EcoMatin, UBA Cameroon achieved a staggering 174% profit increase in 2023. Starting at 10.5 billion nairas (approximately 5.5 billion FCFA) in 2022, this indicator grew to 28.6 billion nairas (approximately 15.3 billion FCFA) by December 31, 2023. In reality, the exponential increase in this indicator is not due to an improvement in the operational performance of the Cameroonian subsidiary of the holding company, but rather to a favorable exchange gain of the FCFA against the naira (the currency used in Nigeria where the group is based).

The FCFA, which has a fixed parity with the euro, remained stable compared to the devaluing naira. Proof of the favorable exchange gain of the FCFA is that in 2022, UBA Cameroon’s profit was 14.7 billion FCFA, while a year later it amounted to 15.3 billion FCFA, representing a slight increase of only 3%. It is also worth noting the increase in the Net Banking Income (NBI) of UBA’s Cameroonian branch, which jumped to 98.5 billion nairas (52.2 billion FCFA) compared to 40 billion nairas (21.2 billion FCFA) in 2022. This increase is driven by the activity of the twenty branches that the bank has in Cameroon.

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In terms of deposits, considered a barometer of public trust, UBA Cameroon has also improved its collection capacity, with an amount of 1,039.1 billion nairas (612.9 billion FCFA) between January and December 2023, compared to 409.3 billion nairas (527.7 billion FCFA) in the same period the previous year, according to Cnef data. This progress would probably not have been the same without a policy of expanding its banking network. Indeed, the bank has diversified its range of products and financial services to meet the specific needs of its customers, thanks to innovation in the digital field. In terms of credit, the bank, led by Jude Anele, has an outstanding amount of 247 billion FCFA, according to market data.

Outside of Nigeria, UBA’s 19 African subsidiaries ended 2023 with a net profit of 161.11 billion nairas (approximately 85.3 billion FCFA), which is more than double the performance achieved in 2022, which was 60.7 million USD. According to the annual report, the 11 countries in the CFA franc zone where the banking group is present were the main drivers of this growth. After Cameroon, UBA Côte d’Ivoire ranks second with a net profit of 25.8 billion nairas (13.6 billion FCFA). Congo-Brazzaville ranks third in terms of profit with 18.8 billion nairas (9.9 billion FCFA). UBA Guinea and UBA Mali are the two subsidiaries that are lagging behind, displaying negative net results of 531 million naira (281.4 million FCFA) and 454 million naira (240.6 million FCFA) respectively.

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