UBA Declares N767bn Profits, Grows Earnings To N3.19trn in 2024

The United Bank for Africa (UBA) Plc has announced significant growth across key metrics despite global economic challenges, posting an impressive gross revenue of N3.19 trillion in 2024.

The Chairman, Board of Directors of UBA, Tony Elumelu, who disclosed this on Friday in Abuja, during the Annual General Meeting of the bank, also announced a profit after tax of N767 billion.

According to the chairman, “In line with our commitment to delivering superior returns to our highly esteemed shareholders, we declared and paid an interim dividend of N2 per share in the course of the 2024 financial year.

“We hereby propose a final dividend of N3.00 per share. If approved, the cumulative dividend for the year ended 31 December 2024 will total N5.00 per share.”

On the recapitalisation, Elumelu said, “In line with this directive, UBA commenced its capital raising activities with its first rights issue in November 2024. The rights issue closed in December 2024 with 684 billion ordinary shares of 50 kobo each offered to existing shareholders at N35 per share.

“This was oversubscribed by N11.6 billion (4.8%) and the entire amount of N251.0 billion has been verified and approved by the Central Bank of Nigeria (CBN). The final capital raise is expected to be completed in Q3 2025, well ahead of the CBN deadline.

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“Proceeds from the Rights Issue will be utilised to invest in additional digital technologies and business expansions that will strengthen the bank’s seven and a half decades of impressive performance.”

Group Managing Director/CEO Oliver Alawuba attributed the strong performance to UBA’s global diversification strategy, robust asset quality, and consistent revenue growth. “Our ex-Nigeria operations now contribute 51.7% of Group revenue, up from 31% in 2019,” he noted.

Financial Highlights:

Profit After Tax (PAT): ₦766.6 billion, a 26.14% increase from ₦607.7 billion in 2023.

Gross Earnings: ₦3.19 trillion, up 53.6% from ₦2.08 trillion.

Profit Before Tax (PBT): ₦803.72 billion, a 6.1% rise from ₦757.68 billion.

Total Assets: ₦30.4 trillion, a 46.8% growth from ₦20.65 trillion.

Shareholders’ Funds: ₦3.419 trillion, a 68.39% increase from ₦2.030 trillion.

Total Deposits: ₦24.7 trillion, a 42.03% rise from ₦17.4 trillion.

United Bank for Africa is one of the largest employers in the financial sector on the African continent, with 25,000 employees group-wide and serving over 45 million customers globally. Operating in twenty African countries, the United Kingdom, the United States of America, France and the United Arab Emirates, UBA provides retail, commercial and institutional banking services, leading financial inclusion and implementing cutting-edge technology.