UBA’s Total Assets Hit ₦30.4 Trillion as Profits Surge 26%, Divided ₦5 per Share

United Bank for Africa (UBA) Plc has reported impressive financial results for 2024, with significant growth in all key performance indicators.

According to its audited report filed with the Nigerian Exchange Limited (NGX), UBA’s profit after tax rose by 26.14% to ₦766.6 billion, up from ₦607.7 billion in 2023. The bank’s gross earnings also grew significantly, reaching ₦3.19 trillion in 2024, a 53.6% increase from ₦2.08 trillion the previous year.

UBA’s total assets climbed 46.8% from ₦20.65 trillion in 2023 to an all-time high of ₦30.4 trillion in December 2024. This expansion cements its position as one of Africa’s leading financial institutions.

Higher Dividends  

In line with the strong performance, UBA has proposed a final dividend of ₦3.00 per share for the 2024 financial year. This brings the total annual dividend to ₦5.00 per share, pending shareholder approval at the upcoming Annual General Meeting (AGM). The bank had promised to enhance shareholder returns, and this increase delivers on that commitment.

UBA’s Group Managing Director/CEO, Oliver Alawuba, said the results reflect the bank’s focus on sustainable growth, asset quality, and expanding market share.

“Our investment in our global network has allowed us to deliver consistent earnings. Our deposit base has expanded, allowing us to increase revenue while maintaining strong margins,” he said.

Total deposits rose 42.03%, reaching ₦24.7 trillion in 2024 from ₦17.4 trillion in 2023. Alawuba emphasized that UBA’s operations outside Nigeria contributed significantly to this growth.

“Our ex-Nigeria (Rest of Africa & International) operations now account for 51.7% of group revenue, up from 31% in 2019. This diversification strengthens shareholder value and positions us for further expansion,” he added.

Strengthening Financial Position  

UBA’s pre-tax profit for 2024 stood at ₦803.72 billion, reflecting a 6.1% increase from ₦757.68 billion in 2023. The bank’s shareholders’ funds also jumped by 68.39%, reaching ₦3.419 trillion.

The bank’s Executive Director for Finance & Risk Management, Ugo Nwaghodoh, noted that the bank recorded a triple-digit growth in net interest income, leading to a net interest margin improvement from 6.83% in 2023 to 9.02% in 2024. Fee and commission income also grew by 91.66%.

“UBA’s capital adequacy ratio is a solid 31%, and asset quality has improved with the non-performing loan (NPL) ratio moderating to 5.58%, supported by a strong provision coverage of 81%,” Nwaghodoh explained.

He said that despite economic uncertainties, UBA remains focused on responsible growth, customer-centric solutions, and regulatory compliance.

Expanding Across Africa and Beyond  

UBA operates in 20 African countries, as well as in the United Kingdom, the United States, France, and the United Arab Emirates.

“We are upgrading our business scope in France and exploring other strategic markets to strengthen our global footprint,” Alawuba revealed.

UBA is one of Africa’s largest financial institutions, employing 25,000 people and serving over 45 million customers worldwide. The bank continues to leverage technology, data analytics, and innovation to enhance customer experience and sustain growth.

With its strong financial performance in 2024, the bank could further expand its long-term value creation for shareholders.

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