UBA Reports N804bn Profit for 2024, Declares N3.00 Dividend

United Bank for Africa (UBA) Plc has posted another year of strong financial performance, reporting a 26.14 percent increase in profit after tax (PAT) to N766.6 billion for the full year ended December 31, 2024.

The audited results, filed with the Nigerian Exchange Limited (NGX) recently, also reveal a 6.1 percent rise in profit before tax (PBT) to N803.72 billion, reinforcing the bank’s position as a leading financial institution in Africa.

Despite prevailing macroeconomic challenges, geopolitical uncertainties, and exchange rate volatilities, UBA recorded significant growth across all key financial metrics. The bank’s gross earnings surged by 53.6 percent to N3.19 trillion, compared to N2.08 trillion in 2023, while total assets expanded by 46.8 percent to N30.4 trillion, a milestone achievement reflecting its strong financial standing.

In a move that highlights its commitment to shareholder returns, UBA has proposed a final dividend of N3.00 per share, bringing the total dividend for 2024 to N5.00 per share. The final dividend is subject to shareholder approval at the Annual General Meeting (AGM).

UBA’s Shareholders’ Funds also rose by 68.39 percent to N3.42 trillion, highlighting the bank’s improved capital base and financial resilience.

UBA’s Group Managing Director/CEO, Mr. Oliver Alawuba, attributed the bank’s performance to its diversified global network, which has been instrumental in expanding earnings and strengthening market share.

“Our ex-Nigeria (Rest of Africa & International) operations now contribute 51.7 percent of Group revenue, up from 31 percent in 2019. This diversification strategy continues to yield results, positioning UBA for sustained long-term growth,” Mr. Alawuba stated.

He also emphasised UBA’s investment in technology, data analytics, product innovation, and workforce development, ensuring enhanced customer experience and operational efficiency.

UBA’s Executive Director of Finance & Risk Management, Ugo Nwaghodoh, highlighted the bank’s strong capital adequacy and profitability ratios, noting a triple-digit growth in net interest income and net interest margin expansion from 6.83 percent to 9.02 percent.

“We recorded a remarkable 91.66 percent growth in fee and commission income lines, while maintaining a solid capital adequacy ratio of 31.0 percent,” Nwaghodoh explained.

Additionally, UBA’s non-performing loan (NPL) ratio improved to 5.58 percent, with a provision coverage of 81 percent, demonstrating the bank’s commitment to sound risk management practices.

UBA remains focused on strategic market expansion, with plans to upgrade its operations in France and explore new opportunities in viable markets. The bank is also reinforcing financial inclusion initiatives across Africa, leveraging cutting-edge technology to enhance banking accessibility.

With a robust balance sheet, strong earnings growth, and increasing global reach, UBA is well-positioned for sustained profitability and shareholder value creation in 2025 and beyond.