United Bank for Africa (UBA) Plc has announced its 2024 audited financial results, reporting significant growth across key metrics despite global economic challenges.
Financial Highlights:
- Profit After Tax (PAT): ₦766.6 billion, a 26.14% increase from ₦607.7 billion in 2023.
- Gross Earnings: ₦3.19 trillion, up 53.6% from ₦2.08 trillion.
- Profit Before Tax (PBT): ₦803.72 billion, a 6.1% rise from ₦757.68 billion.
- Total Assets: ₦30.4 trillion, a 46.8% growth from ₦20.65 trillion.
- Shareholders’ Funds: ₦3.419 trillion, a 68.39% increase from ₦2.030 trillion.
- Total Deposits: ₦24.7 trillion, a 42.03% rise from ₦17.4 trillion.
In line with its commitment to rewarding shareholders, UBA proposed a final dividend of ₦3.00 per 50 kobo ordinary share, bringing the total 2024 dividend to ₦5.00, subject to ratification at the upcoming AGM.
Group Managing Director/CEO Oliver Alawuba attributed the strong performance to UBA’s global diversification strategy, robust asset quality, and consistent revenue growth. “Our ex-Nigeria operations now contribute 51.7% of Group revenue, up from 31% in 2019,” he noted.
UBA’s Executive Director, Finance and Risk Management, Ugo Nwaghodoh, highlighted the bank’s triple-digit growth in net interest income, improving net interest margin from 6.83% in 2023 to 9.02%, alongside a 91.66% growth in fee and commission income.
With a 31.0% capital adequacy ratio and a 5.58% non-performing loan ratio, UBA remains resilient. “We are positioned to navigate macroeconomic upheavals while maintaining strong asset quality,” Nwaghodoh added.
UBA continues to focus on technology, innovation, and customer satisfaction as it explores strategic market expansion.
United Bank for Africa is one of the largest employers in the financial sector on the African continent, with 25,000 employees group-wide and serving over 45 million customers globally. Operating in twenty African countries, the United Kingdom, the United States of America, France and the United Arab Emirates, UBA provides retail, commercial and institutional banking services, leading financial inclusion and implementing cutting-edge technology.
