United Bank for Africa (UBA) Plc has released its audited financial results for the year ending December 31, 2024, showcasing significant growth across all major indicators.
Key Financial Highlights:
- Gross Earnings: Increased by 53.6% to N3.19 trillion in 2024, up from N2.08 trillion in 2023.
- Profit Before Tax: Rose by 6.1% to N803.72 billion, compared to N757.68 billion in the previous year.
- Profit After Tax: Grew by 26.14% to N766.6 billion, up from N607.7 billion in 2023.
- Total Assets: Expanded by 46.8% to N30.4 trillion, from N20.65 trillion in 2023.
- Shareholders’ Funds: Surged by 68.39% to N3.419 trillion, up from N2.030 trillion in 2023.
In light of this performance, UBA has proposed a final dividend of N3.00 per 50 kobo ordinary share, bringing the total dividend for the year to N5.00.
Group Managing Director/Chief Executive Officer Oliver Alawuba attributed the bank’s success to its diversified global network and commitment to delivering high-quality, consistent earnings. He noted that UBA’s ex-Nigeria operations now contribute 51.7% of the Group’s revenue, up from 31% in 2019, highlighting the benefits of diversification.
Executive Director of Finance & Risk Management, Ugo Nwaghodoh, emphasized the bank’s strong capital levels, with a capital adequacy ratio of 31.0%, and an improved non-performing loan ratio of 5.58% with a provision coverage of 81%.
These results underscore UBA’s robust financial health and its strategic focus on growth and diversification across its operations.
