United Bank for Africa (UBA) Plc recorded a 26.14% year-on-year increase in profit, reaching N766.57 billion in 2024, up from N607.70 billion in 2023. The pan-African banking group’s strong financial performance was driven by a significant revenue boost amid a high-interest rate environment in key markets.
UBA’s net interest income surged by 116% year-on-year to N1.53 trillion from N707.54 billion in 2023, while net fee and commission income also rose sharply by 88% to N355 billion from N189.06 billion. The bank’s pre-tax profit grew marginally by 6% to N803.73 billion from N757.68 billion in 2023. However, a sharp decline in tax expenses, which fell to N37.16 billion from N149.98 billion, strengthened the bottom line.
In response to its improved financial standing, UBA proposed a final dividend of N3.00 per share, up from N2.30 in 2023. Combined with the interim dividend of N2.00 per share paid in October 2024, the total dividend for the year stands at N5.00 per share, representing a payout ratio of 26.6%, up from 16.32% in 2023.
The proposed dividend is subject to shareholder approval at the next Annual General Meeting and will be paid after applying the appropriate withholding tax, UBA confirmed in its audited financial report.
 Plc recorded a 26.14% year-on-year increase in profit, reaching N766.57 billion in 2024, up from...){kind=link}