United Bank for Africa (UBA) Plc has released its audited financial results for the full year ended December 31, 2024, showing significant growth across all key performance indicators. The 2024 financial statements, filed with the Nigerian Exchange Limited (NGX) on Monday, highlight a remarkable increase in profit after tax, which rose by 26.14 percent to ₦766.6 billion, compared to ₦607.7 billion in the 2023 fiscal year.
The bank’s gross earnings also saw substantial growth, increasing by 53.6 percent from ₦2.08 trillion in 2023 to ₦3.19 trillion in 2024. As in previous years, UBA’s total assets surged significantly, growing by 46.8 percent from ₦20.65 trillion in 2023 to ₦30.4 trillion in December 2024. This marks a milestone for the bank, which has the widest presence across the African continent.
Despite the challenging global economic environment, UBA recorded a profit before tax of ₦803.72 billion, representing a 6.1 percent increase from the ₦757.68 billion recorded in 2023. UBA Group Shareholders’ Funds also saw impressive growth, rising by 68.39 percent from ₦2.03 trillion in December 2023 to ₦3.419 trillion by the end of 2024.
In fulfilment of the promise made by UBA Group Chairman, Tony Elumelu, at the last Annual General Meeting, the bank has proposed a final dividend of ₦3.00 per ordinary share of 50 kobo for the financial year ended December 31, 2024. This brings the total dividend for the year to ₦5.00 per share. The final dividend is subject to shareholder ratification at the upcoming Annual General Meeting (AGM).
UBA’s Group Managing Director/Chief Executive Officer, Oliver Alawuba, expressed excitement about the results, emphasizing the bank’s continued focus on earnings growth, asset quality preservation, business expansion, and increased market share.
“Our continued investment in our highly diversified global network allows UBA to deliver high-quality, consistent earnings. Our businesses have been able to grow product and service income and expand our deposit base, allowing the Group to increase earnings while maintaining strong spreads and margins,” Alawuba stated.
With total deposits increasing by 42.03 percent from ₦17.4 trillion in 2023 to ₦24.7 trillion and total assets reaching ₦30.4 trillion, the results reflect broad-based growth across all core business segments. This growth was achieved despite macroeconomic challenges, geopolitical uncertainties, and exchange rate volatilities.
Alawuba also highlighted the bank’s increasing revenue contributions from its operations outside Nigeria. “Our ex-Nigeria (Rest of Africa & International) operations have expanded significantly over the past five years, now contributing 51.7 percent of Group revenue, up from 31 percent in 2019. This diversification enhances long-term shareholder value. We are currently upgrading our business scope and authorization in France and considering expansion into other viable markets in the short to medium term,” he noted.
The CEO reaffirmed UBA’s commitment to continuous investment in technology, data analytics, product innovation, and staff training to enhance customer experience. UBA’s Executive Director for Finance and Risk Management, Ugo Nwaghodoh, noted that the bank recorded triple-digit growth in net interest income, leading to an improvement in net interest margin from 6.83 percent in 2023 to 9.02 percent in 2024. Fee and commission income also grew by 91.66 percent.
“UBA Group continues to demonstrate strong capital levels, with shareholders’ funds increasing by 68.4 percent to ₦3.42 trillion and a solid capital adequacy ratio of 31.0 percent,” Nwaghodoh said. He further stated that asset quality improved, with the non-performing loan (NPL) ratio moderating to 5.58 percent and strong provision coverage at 81 percent. As the bank navigates evolving risks, its management remains focused on responsible growth and delivering customer-centered value propositions while ensuring regulatory compliance across all jurisdictions.
United Bank for Africa is one of the largest employers in Africa’s financial sector, with 25,000 employees serving over 45 million customers globally. Operating in 20 African countries, as well as the United Kingdom, the United States, France, and the United Arab Emirates, UBA continues to lead in retail, commercial, and institutional banking while driving financial inclusion and leveraging cutting-edge technology.
