United Bank for Africa (UBA) Plc has reported a stellar financial performance for the 2024 financial year, with gross revenue surging to ₦3.19 trillion and profit after tax reaching an impressive ₦767 billion.
Speaking at the bank’s 63rd Annual General Meeting held on Friday in Abuja, UBA’s Chairman, Mr. Tony Elumelu, said the strong results underscore the bank’s continued resilience and strategic focus, even amid economic headwinds.
Elumelu disclosed that UBA grew customer deposits by 42 percent to ₦24.65 trillion, up from ₦17.36 trillion in 2023. The bank’s loan portfolio also expanded by 35 percent, rising from ₦5.55 trillion to ₦7.51 trillion.
“We maintained a well-structured and diversified balance sheet, closing the year with total assets of ₦30.32 trillion and shareholders’ funds of ₦3.52 trillion,” he noted.
Shareholders were rewarded with a total dividend of ₦5.00 per share, comprising an interim dividend of ₦2.00 and a final payout of ₦3.00.
Elumelu reaffirmed UBA’s readiness to meet the Central Bank of Nigeria’s (CBN) new minimum capital requirement of ₦500 billion for international commercial banks, stressing that the institution is strategically positioned for continued growth.
Highlighting UBA’s pan-African vision, he said the bank remains committed to supporting economic transformation across the continent.
As part of its strategic alliance with the African Continental Free Trade Area (AfCFTA), UBA has pledged $6 billion over three years to bolster SMEs in critical sectors such as agro-processing, automotive, pharmaceuticals, and logistics.
“We’re not just providing capital. We are de-risking sectors, offering capacity-building, and deploying technology to drive intra-African trade and economic resilience,” Elumelu said.
Group Managing Director/CEO, Mr. Oliver Alawuba, attributed the record-breaking results to the bank’s focus on enterprise, operational excellence, and execution. He said UBA’s global footprint and customer-centric model continue to position the bank for sustainable growth.
“Despite global uncertainties, we delivered strong earnings. Gross revenue rose 53.6 percent year-on-year, while net interest income soared 116.4 percent to ₦1.53 trillion—our highest yet,” Alawuba said.
He reaffirmed UBA’s commitment to innovation, growth, and unlocking long-term value for shareholders across its 20 African markets and global financial hubs.
