In 2022, the CFA Franc zone -with Cameroon and Congo-Brazzaville in the lead- drove the growth of banking UBA. Countries in the zone performed better than large markets like Ghana and Kenya.
In 2022, the CFA Franc zone contributed 72.2% of UBA Group’s profits outside Nigeria. In that zone, countries that host UBA’s subsidiaries generated NGN52.3 billion ( $113.5 million) in consolidated profit.
Cameroon was the leading contributor with NGN40 billion in net banking income, up 12.2%. The Central African country outperformed Ghana, which ended the year with a 12.1% rise in the net banking income it generated (NGN50.3 billion). With a net profit of NGN10.5 billion, up 17.5%, UBA Cameroon was also the most profitable subsidiary, outpacing Côte d’Ivoire which held that title in 2021.
Except for Mali, all UBA subsidiaries located in the CFA Franc zone achieved positive margins. Overall, the banking group’s Francophone African markets (11 countries) contributed a total of NGN57.3 billion to the group's consolidated net profit, compared with only NGN13 billion for English-speaking subsidiaries (+ Mozambique), including major economies like Kenya and Ghana.
In that regard, the CFA franc zone can be considered the growth driver for UBA's net margins outside Nigeria. Ghana, where pre-tax profit was divided by a little more than four, was the most challenging. In that country, asset impairments amounted to about NGN 20 billion, and the group owns NGN14.2 billion worth of its foreign currency-denominated bonds.
Enko Capital acquires Servair’s fast-food unit in Côte d’Ivoire, including the Burger King franchi...
(EBID) - EBID aims to allocate nearly 41% of its commitments to projects with environmental and...
As the Japanese automaker faces global headwinds, it is doubling down on its operations in Egypt, ai...
Mobile phones have become essential tools for work, education, payments and staying connected across...
Africa produces what it doesn’t consume, and consumes what it doesn’t produce. That stark line captu...
From eastern Chad, where measles and meningitis are spreading through overcrowded refugee camps, to the progress and fragility of vaccination campaigns...
A staple of West African cuisine, onions are among the sub-region’s most widely grown horticultural products and a key driver of intra-regional trade,...
Niger adopts draft decree to regulate firearm acquisition, possession, and use New framework introduces stricter controls, traceability requirements,...
Chad and Algeria sign agreement to study a 20,000 bpd refinery project Chad continues to import large volumes of refined products despite crude output...
CANAL+'s film arm backs a ZAR 300-million feature rooted in South Africa's anti-apartheid music movement. Production kicks off June 29 in Cape Town,...
Burkina Faso launches “SORA” university series filming in Ouagadougou 25-episode project explores student life challenges and...