United Bank for Africa (UBA) Plc reported a profit after tax of ₦766.6 billion for the 2024 financial year, marking a 26.14% increase from the ₦607.7 billion recorded in 2023. According to the bank’s audited financial results, filed with the Nigerian Exchange Ltd. (NGX) on Monday, the profit surge was driven by a 53.6% rise in gross earnings, which reached ₦3.19 trillion.
UBA’s total assets also expanded by 46.8% to ₦30.4 trillion, despite global economic challenges. The bank’s profit before tax stood at ₦803.72 billion, reflecting a 6.1% increase. This performance enabled UBA to propose a final dividend of ₦3.00 per share, bringing the total dividend for the year to ₦5.00 per share, pending shareholder approval at the upcoming Annual General Meeting.
Group Managing Director and CEO, Oliver Alawuba, credited the success to UBA’s strategic focus on earnings growth, asset quality, and market expansion.
“Our continued investment in our highly diversified global network allows UBA to deliver high-quality, consistent earnings. We have successfully grown our product and service income, expanded our deposit base, and maintained strong margins despite economic challenges,” Alawuba stated.
UBA’s total deposits rose by 42.03% to ₦24.7 trillion from ₦17.4 trillion in 2023, further strengthening its financial position. The bank’s global network continues to contribute significantly to revenue, with non-Nigerian operations now accounting for 51.7% of group revenue, up from 31% in 2019.
Executive Director of Finance & Risk Management, Ugo Nwaghodoh, highlighted a triple-digit growth in net interest income and a 91.66% rise in fee and commission income. He also noted that UBA maintained a strong capital adequacy ratio of 31% while improving its asset quality, with the non-performing loan (NPL) ratio moderating to 5.58%.
“As we position the portfolio to navigate prevailing global and regional economic challenges, our asset quality has improved, with strong provision coverage at 81%,” Nwaghodoh added.
UBA’s shareholders’ funds grew by 68.4% to ₦3.42 trillion, reinforcing its financial stability as it looks to sustain growth in the coming years.
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