Lagos, Nigeria – United Bank for Africa (UBA) Plc has reported a 26.14% surge in profit after tax, reaching N766.6 billion for the financial year ended December 31, 2024, up from N607.7 billion in 2023.
The audited results, filed with the Nigerian Exchange Limited (NGX), revealed a 53.6% jump in gross earnings to N3.19 trillion, while total assets grew by 46.8% to N30.4 trillion. Despite global economic headwinds, the bank’s profit before tax rose by 6.1% to N803.72 billion.
Shareholders to Receive N3 Final Dividend
UBA has proposed a final dividend of N3 per share, bringing the total dividend for 2024 to N5 per share, pending approval at its Annual General Meeting.
Strategic Growth and Diversification Drive Performance
Mr. Oliver Alawuba, Group Managing Director and CEO, attributed the strong results to UBA’s diversified operations and prudent financial management.
“Our global network continues to deliver consistent earnings, with non-Nigeria operations now contributing 51.7% of group revenue,” Alawuba stated. He highlighted the bank’s focus on digital innovation, customer experience, and deposit growth, which saw total deposits rise by 42.03% to N24.7 trillion.
Strong Capital Base and Improved Asset Quality
Mr. Ugo Nwaghodoh, Executive Director of Finance & Risk Management, noted the bank’s robust capital adequacy ratio of 31% and a decline in non-performing loans (NPL) to 5.58%.
“Shareholders’ funds grew by 68.4% to N3.42 trillion, reinforcing our resilience amid macroeconomic challenges,” Nwaghodoh said.
