United Bank for Africa (UBA) Plc has announced a profit after tax of N766.6 billion for the full year ended December 31, 2024, representing a 26.14% increase from N607.7 billion recorded in 2023. The bank’s audited financial results, filed with the Nigerian Exchange Limited (NGX) on Monday, also revealed a final dividend proposal of N3.00 per share, bringing the total dividend payout for the year to N5.00 per share.
The report highlighted strong financial performance across key indicators. UBA’s gross earnings grew significantly by 53.6%, reaching N3.19 trillion compared to N2.08 trillion in 2023. Total assets surged by 46.8% to N30.4 trillion, while profit before tax stood at N803.72 billion, marking a 6.1% rise from the N757.68 billion reported in the previous year. Shareholders’ funds also witnessed substantial growth, increasing by 68.39% to close at N3.419 trillion.
Expressing his excitement over the results, UBA’s Group Managing Director/CEO, Oliver Alawuba, attributed the bank’s strong financial performance to its strategic investments in global operations, asset quality management, and market expansion. He noted that UBA’s ex-Nigeria operations contributed 51.7% of the group’s revenue, up from 31% in 2019, reinforcing the bank’s diversified growth strategy.
“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 said. He added that UBA remains committed to further expansion, with plans to enhance its business scope in France and explore other viable markets.
UBA’s Executive Director, Finance & Risk Management, Ugo Nwaghodoh, highlighted the bank’s triple-digit growth in net interest income and a rise in net interest margin from 6.83% in 2023 to 9.02%. He emphasized the bank’s solid capital position, with a capital adequacy ratio of 31.0% and improved asset quality reflected in a non-performing loan (NPL) ratio of 5.58%.
UBA, which operates in 20 African countries, as well as the UK, US, France, and the UAE, continues to strengthen its market position through digital innovation, financial inclusion, and customer-focused services. The final dividend is subject to shareholder approval at the bank’s upcoming Annual General Meeting (AGM).