The United Bank for Africa (UBA) has posted a gross revenue of N3.19 trillion and a profit after tax of N767 billion for the 2024 financial year.
Tony Elumelu, Chairman, Board of Directors of UBA, made this known at the bank’s 63rd Annual General Meeting on Friday in Abuja.
Elumelu said that the bank sustained its deposit mobilisation efforts by growing total deposits by 42 percent to N24.65 trillion from N17.36 trillion in 2023.
He said that its loan book also expanded by 35 percent to N7.51 trillion from N5.55 trillion.
“The group maintained a well-structured and diversified balance sheet, with total assets and shareholders’ funds closing at N30.32 trillion and N3.52 trillion respectively,” he said.
Elumelu announced an interim dividend of N2 per share, and a final dividend of N3 per share to make a cumulative dividend of N5 per share.
He said that UBA was on course to meet the new minimum capital requirement of N500 billion for international commercial banks as stipulated by the Central Bank of Nigeria (CBN).
The chairman expressed the bank’s commitment to driving Africa’s economic transformation by facilitating cross-border trade and empowering Small and Medium Enterprises (SMEs)
Elumelu said: “Through a straight partnership with the African Continental Free Trade Area (AfCFTA) Secretariat, UBA has pledged up to $6 billion over three years to support SMEs in key sectors.
“The sectors include agro-processing, automotive, pharmaceuticals and transport/logistics, aimed at reducing import dependency and boosting intra-African trade.
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“Beyond financing, UBA is focused on de-risking critical sectors, equipping SMEs with essential skills and leveraging technology to enhance trade integration and economic resilience across the continent.”
The Group Managing Director of UBA, Oliver Alawuba, said that in spite of the global uncertainties and economic challenges, the bank delivered outstanding results
He said that it expanded its global presence and reinforced its position as a leading financial institution.
According to Alawuba, these accomplishments are a testament to the bank’s unwavering focus on enterprise, excellence and execution.
He said that the bank’s gross earnings and net interest income reached their highest levels.
“Gross earnings grew year-on-year by 53.6 percent to N3.19 trillion and our net interest income increased by 116.4 per cent to N1.53 trillion, asserting UBA’s position as a leading financial institution,” he said.
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