United Bank for Africa (UBA) Plc has reported a profit before tax of N803.73 billion for the 2024 financial year, driven by strong earnings and improved operational efficiency.
The bank’s audited financial results, filed with the Nigerian Exchange Limited on Monday, also show that profit after tax rose to N766.57 billion from N607.69 billion in the previous year.
UBA’s total assets grew by 46.8 percent to N30.4 trillion from N20.65 trillion in 2023, while gross earnings increased by 53.6 percent to N3.19 trillion.
Shareholders’ funds also saw significant growth, rising by 68.39 percent to close the year at N3.42 trillion.
As part of its strong performance, UBA has proposed a final dividend of N3.00 per share for the 2024 financial year, bringing the total dividend payout to N5.00.
This is in line with the commitment made by UBA Group Chairman Tony Elumelu to shareholders at the last Annual General Meeting.
UBA’s Group Managing Director/Chief Executive Officer, Oliver Alawuba, attributed the bank’s performance to high-quality earnings and an expanding customer base, noting that total deposits grew by 42.03 percent to N24.7 trillion in 2024.
He also highlighted that the bank’s international operations now contribute 51.7 percent of the group’s revenue, up from 31 percent in 2019, and revealed plans to deepen UBA’s presence in France and other strategic markets.
UBA’s Executive Director for Finance & Risk Management, Ugo Nwaghodoh, said the bank recorded triple-digit growth in net interest income, improving its net interest margin from 6.83 percent in 2023 to 9.02 percent.
Fee and commission income also grew by 91.66 percent. He added that the bank maintained strong capital levels, with shareholders’ funds growing to N3.42 trillion and a capital adequacy ratio of 31.0 percent.
He further noted that asset quality improved, with the non-performing loan (NPL) ratio moderating to 5.58 percent and provision coverage at 81 percent.
UBA, which operates in 20 African countries as well as in the UK, US, France and the UAE, continues to strengthen its financial position and expand its reach, serving over 45 million customers worldwide.
