United Bank for Africa (UBA) has released its audited financial results for the full year ended December 31, 2024, showcasing significant improvements across key indicators. Despite a challenging global economic environment, the bank achieved remarkable growth in profit after tax, gross earnings, and total assets.
The bank’s profit after tax rose to approximately $522 million, up 26.14% from $414 million in 2023. Gross earnings also grew significantly, reaching $2.17 billion, representing a 53.6% increase from $1.42 billion in 2023. UBA’s total assets expanded by 46.8%, from $14.1 billion in 2023 to $20.7 billion in 2024.
The bank’s shareholders’ funds grew impressively by 68.39%, from $1.38 billion in 2023 to $2.33 billion in 2024. This growth demonstrates UBA’s strong financial position and its ability to generate value for its shareholders.
UBA’s board has proposed a final dividend of $4.08 per share, which, when combined with the interim dividend, brings the total dividend for the year to $6.80 per share. This decision reflects the bank’s commitment to rewarding its shareholders.
The bank’s Group Managing Director/CEO, Oliver Alawuba, attributed the bank’s success to its diversified global network, strategic investments, and focus on driving earnings growth while maintaining asset quality. He highlighted the bank’s resolve to continuously invest in technology, data analytics, product innovation, and staff development to enhance customer experience.
Alawuba noted that UBA’s operations outside Nigeria now contribute 51.7% of group revenue, up from 31% in 2019. The bank is exploring strategic markets, upgrading its business scope in France, and considering other viable markets.
The bank recorded triple-digit growth in net interest income, resulting in a remarkable improvement in net interest margin from 6.83% in 2023 to 9.02%. Fee and commission income also grew strongly, with a 91.66% increase.
UBA’s Executive Director, Finance and Risk Management, Ugo Nwaghodoh, said the bank’s strong capital levels, with shareholders’ funds’ growth of 68.4% to $2.33 billion, and a solid capital adequacy ratio of 31.0%, position it well for continued growth and success. He emphasized the bank’s focus on responsible growth, delivering customer-focused value propositions, and ensuring compliance with regulatory requirements.
With a presence in 20 African countries, the UK, the US, France, and the UAE, UBA is one of the largest financial institutions in Africa, serving over 45 million customers globally. The bank’s impressive financial results demonstrate its resilience and adaptability in a challenging economic environment.
