United Bank for Africa (UBA) Plc has reported a significant surge in profitability for the full year ended December 31, 2024, reinforcing its position as one of Africa’s top financial institutions.
The bank’s audited financial results, released on Monday and filed with the Nigerian Exchange Limited (NGX), show remarkable growth across all major indicators.
UBA’s profit after tax climbed by 26.14% to ₦766.6 billion, up from ₦607.7 billion recorded in 2023.
Gross earnings surged by 53.6% to reach ₦3.19 trillion, compared to ₦2.08 trillion in the previous year.
Similarly, the bank’s total assets saw a substantial rise, increasing by 46.8% from ₦20.65 trillion in 2023 to ₦30.4 trillion by the end of 2024.
Despite global economic headwinds, UBA maintained its profitability, recording a profit before tax of ₦803.72 billion, a 6.1% increase from ₦757.68 billion in 2023.
Shareholders’ funds also experienced a strong boost, growing by 68.39% to close the year at ₦3.419 trillion.
Following this impressive performance, UBA has proposed a final dividend of ₦3.00 per share, bringing the total dividend for 2024 to ₦5.00 per share.
The final dividend awaits shareholders’ approval at the upcoming Annual General Meeting (AGM).
Group Managing Director/CEO Oliver Alawuba expressed confidence in the bank’s strategy, highlighting its commitment to sustainable growth.
He credited the strong financial performance to UBA’s diversified operations, increased deposit base, and expansion into new markets.
He noted that deposits grew by 42.03%, reaching ₦24.7 trillion, while international operations now contribute 51.7% of the bank’s total revenue, up from 31% in 2019.
Alawuba reaffirmed UBA’s commitment to technological innovation, data analytics, and staff development to enhance customer experience.
He also revealed plans to upgrade operations in France and explore new strategic markets.
UBA’s Executive Director for Finance & Risk Management, Ugo Nwaghodoh, emphasized the bank’s strong capital position, noting a solid capital adequacy ratio of 31.0%.
He highlighted a triple-digit increase in net interest income and a strong 91.66% rise in fee and commission income.
He also pointed out that asset quality improved, with the non-performing loan (NPL) ratio moderating to 5.58% and provision coverage at 81%.
UBA remains a leading financial institution in Africa, with operations in 20 countries and key international markets, including the United Kingdom, the United States, France, and the United Arab Emirates.
Serving over 45 million customers worldwide, the bank continues to drive financial inclusion and innovation across its vast network.