The United Bank for Africa (UBA) Plc has announced that its gross earnings grew from N2.08tn recorded at the end of the 2023 financial year to N3.19tn in 2024.
UBA announced this in its audited financial results for the full year ended December 31, 2024, filed with the Nigerian Exchange Limited (NGX) on Monday, March 24, 2025.
UBA stated that the bank’s profit after tax increased by 26.14 per cent to close the year at N766.6 billion, up from N607.7 billion recorded in 2023.
The bank said its total assets also rose by 46.8 per cent, from N20.65 trillion in 2023, to close at N30.4 trillion in December 2024.
UBA disclosed that despite the highly challenging global economic and business environment, it recorded a profit before tax of N803.72 billion representing a 6.1 per cent increase from N757.68 billion recorded in 2023.
UBA Group Shareholders’ Funds rose from N2.030 trillion as of December 2023 to close the 2024 financial year at N3.419 trillion, achieving a growth of 68.39 per cent.
UBA noted that as a result of the performance and in fulfilment of the promise made by the UBA Group Chairman, Tony Elumelu, to shareholders at the last Annual General Meeting, the bank proposed a final dividend of N3.00 kobo for every ordinary share of 50 kobo, for the financial year ended December 31, 2024.
“This brings the total dividend in the year to N5.00. The final dividend is subject to the ratification of the shareholders during its upcoming Annual General Meeting,” the bank said.
UBA’s Group Managing Director/Chief Executive Officer, Oliver Alawuba, who expressed excitement at the results, stated that the 2024 financial performance demonstrates the bank’s continued focus on driving earnings growth, preserving asset quality, expanding business operations and deepening market share.
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Alawuba said: “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.
“With total deposit increasing by 42.03 percent from N17.4 trillion in 2023 to N24.7 trillion and total assets hitting N30.4 trillion from N20.7 trillion, the just released results reflect broad-based growth across all core businesses and were achieved despite prevailing macroeconomic challenges, geopolitical uncertainties, and exchange rate volatilities.”
The GMD expressed excitement at the marked improvement recorded in the bank’s core earnings profile, saying the profit was derived from high-quality income streams from funding intermediation, fees and commissions, thus reflecting strong long-term, sustainable revenues generation capacity.
Alawuba added: “Our ex-Nigeria (Rest of Africa & International) operations have expanded significantly over the past five years, now contributing 51.7% of Group revenue, up from 31% in 2019, delivering diversification benefits and further boosting long-term shareholder value.
“This will continue to grow, as we further explore strategic markets that align with our overall vision. We are currently upgrading our business scope and authorization in France, and considering other viable markets in the short to medium term.”
He further noted the bank’s resolve to invest continuously in technology, data analytics, product innovation, staff training and development, which, according to him, will collectively enhance our customers’ experience.
On his part, UBA’s Executive Director, Finance and Risk Management, Ugo Nwaghodoh, said the bank recorded triple digit growth in net interest income, resulting in improvement in net interest margin from 6.83 per cent in 2023 to 9.02 per cent, while also recording strong double-digit growth in fee and commission income lines of 91.66 per cent.
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