Overview:
According to UBA's financial statement for the year ended December 31, 2023, the bank, which is owned by Nigerian tycoon Tony Elumelu, has acquired more 11 percent shares in UBA Uganda and another 13 percent in UBA Kenya.
United Bank for Africa (UBA) has actualised its intent of increasing its footing in the East African market by buying more shares in its Uganda and Kenya subsidiaries.
According to UBA’s financial statement for the year ended December 31, 2023, the bank, which is owned by Nigerian tycoon Tony Elumelu, has acquired more 11 percent shares in UBA Uganda and another 13 percent in UBA Kenya.
This means UBA shareholding in the Ugandan bank now stands at 80 percent and 94 percent for the Kenyan branch.
According to the financial statement, UBA Uganda made a net profit of $2.68m (Shs10.2b) in 2023, from a net loss of $728,869 (Shs2.7b) in 2022.
For Kenya, the net loss has reduced to $991,318 (Shs3.7b) in 2023 from a net loss of $1.44m (Shs5.48b) in 2022.
UBA also runs subsidiaries in Tanzania and DR Congo.
In Tanzania, UBA’s net profit increased to $1.85m (Shs7b) from $187,423 (Shs713m) in 2022, while in DR Congo net profit increased to $3.74m (Shs14.2b) from $229,941 (Shs875m.
In addition to the share purchase, UBA Plc further injected $15.02m (Shs57.2b) of additional capital in the two subsidiaries in 2023, which included $4.45m (Shs16.9b) and $10.55m (Shs40.1b) worth of additional investments in Kenya and Uganda, respectively.