One of Africa’s largest financial institutions, the Nigeria-based United Bank for Africa (UBA) Plc has released its audited financial results for the half year ended June 30, 2024, showing impressive performance across key financial indicators. The bank recorded a 39.6% increase in gross earnings, rising from ₦981.77 billion in 2023 to ₦1.371 trillion in June 2024.
Interest income increased by 134.3% to ₦1.003 trillion, while total assets went up by 37.2% from ₦20.6 trillion in December 2023 to close at ₦28.3 trillion. Customer deposits also leaped by 33.7% to close at ₦23.2 trillion, up from ₦17.3 trillion recorded at the end of 2023.
The bank’s profit before tax (PBT) closed the half year at ₦402 billion, while profit after tax (PAT) dropped slightly from ₦378 billion to ₦316 billion in the year under consideration. However, the bank’s shareholders’ funds increased by 47% from ₦2.03 trillion in December 2023, to ₦2.99 trillion.
The Board of Directors of UBA Plc declared an interim dividend of ₦2.00 per share for every ordinary share of ₦0.50 each held by its shareholders, representing a 300% increase compared to the ₦0.50 declared in the similar period of 2023.
UBA’s Group Managing Director/Chief Executive Officer, Oliver Alawuba, underscored the bank’s commitment to consistently deliver value to its shareholders, stating that the bank has continued to deliver strong double-digit growth in high-quality and sustainable banking revenue streams.
The bank’s Executive Director of Finance & Risk, Ugo Nwaghodoh, expressed delight at the milestone achieved by the bank in driving operational efficiency, as reflected in the cost-to-income ratio normalizing around the 50% range.
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 Plc posted strong half-year results for 2024, with a 39.6% increase in gross earnings to N1.371 trillion and a 300% rise in dividend payout. The bank’s assets and deposits also saw significant growth.){kind=link}