United Bank for Africa (UBA) Plc has released its audited financial results for the full year ended December 31, with significant improvement across both top and bottom lines.
The 2024 financials, filed with the Nigerian Exchange Limited (NGX) yesterday, showed an impressive rise in the bank’s profit after tax, which went up by 26.14 per cent to close the year at N766.6 billion, up from N607.7 billion recorded at the end of the 2023 fiscal year.
The bank’s gross earnings also grew significantly, from N2.08 trillion recorded at the end of the 2023 financial year to N3.19 trillion in the period under consideration, representing a 53.6 per cent growth.
As in the previous years, the banks’ total assets also rose remarkably by 46.8 per cent, from N20.65 trillion to N30.4 trillion last year, signifying a milestone leap for the bank.
Despite the highly-challenging global economic and business environment, UBA recorded a profit before tax of N803.72 billion representing a 6.1 per cent increase from N757.68 billion recorded at the end of the 2023 financial year.
Consequently, UBA Group shareholders’ funds rose from N2.03 trillion as at December 2023 to close the 2024 financial year at N3.42 trillion, achieving an impressive growth of 68.39 per cent.
As a result of the impressive performance and in fulfillment of the promise made by the Group Chairman, Tony Elumelu, to shareholders at the last Annual General Meeting, the bank proposed a final dividend of N3 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. The final dividend is subject to the ratification of the shareholders during its upcoming yearly general meeting (AGM).
UBA’s Group Managing Director, 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.
“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,” Alawuba noted.
He pointed out the bank’s resolve to invest continuously in technology, data analytics, product innovation, staff training and development, which will collectively enhance our customers’ experience.
UBA’s Executive Director, Finance and Risk Management, Ugo Nwaghodoh, said the bank recorded triple-digit growth in net interest income, resulting in remarkable improvement in net interest margin from 6.83 percent in 2023 to 9.02 percent, while also recording strong double-digit growth in fee and commission income lines of 91.66 per cent.
