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UBA Ghana cuts NPLs by 22%; grows profit by 47.6% in Q3 2022

3 years ago
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UBA Ghana cuts NPLs by 22%; grows profit by 47.6% in Q3 2022

UBA Ghana at the end of the third quarter of 2022, witnessed a significant improvement in asset quality as the bank reduced its non-performing loans (NPLs) by 22 percentage points.

The bank on a year-on-year basis reduced its NPLs from 40.41% in Q3 2021 to 18.31% in Q3 2022.

The decline in the bank’s NPLs indicates increased efficiency in the loan recovery strategies of the bank.

Despite the significant decline in UBA Ghana’s NPLs, the bank’s NPLs is above the industry’s average NPLs of 14%.

The huge cut in the bank’s NPLs contributed to the 47.6% growth in profit recorded within the review period.

A perusal of the Q3 2022 Financial Statement of UBA Ghana indicates that, profit grew from GHS 96m in Q3 2021 to GHS 142m in Q3 2022.

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Growth in profit was mainly driven by increment in the bank’s profit before tax from GHS 160m to GHS 214m in Q3 2022.

Assets value of UBA Ghana within the review period also grew from GHS 4.9bn in Q3 2021 to GHS 6.01bn in Q3 2022.

Growth in the bank’s assets value was on the account of increments in UBA Ghana’s  cash and cash equivalents, investment securities and loans and advances to customers.

The aforementioned components of the total assets value of the bank grew to GHS 1.7bn from GHS 870m; GHS 2.8bn from GHS 2.5bn; and GHS 1.2bn from GHS 1bn in Q3 2022 and Q3 2021 respectively.

Liabilities of the bank, driven by deposits from customers, surged to GHS 4.7bn in Q3 2022 from the previous figure of GHS 3.8bn in Q3 2022.

Deposits from customers accounted for GHS 4.5bn of the total liabilities of the bank.

Source: norvanreports
Tags: NPLsUBA GhanaUBA Ghana cuts NPLs by 22%; grows profit by 47.6% in Q3 2022
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