United Bank for Africa (UBA) has reported a gross revenue of N3.19 trillion and a profit after tax of N767 billion for the 2024 financial year.
Mr. Tony Elumelu, Chairman of the Board of Directors of UBA, revealed these figures at the bank’s 63rd Annual General Meeting (AGM) held on Friday in Abuja.
Elumelu highlighted the bank’s success in deposit mobilization, with total deposits growing by 42% to N24.65 trillion, up from N17.36 trillion in 2023. He also noted that UBA’s loan book expanded by 35%, rising from N5.55 trillion to N7.51 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,” Elumelu stated.
The chairman also announced an interim dividend of two Naira per share, alongside a final dividend of three Naira per share, totaling five Naira per share in dividends.
Elumelu affirmed that UBA is on track to meet the new minimum capital requirement of N500 billion for international commercial banks, as set by the Central Bank of Nigeria (CBN).
He reiterated the bank’s commitment to Africa’s economic transformation by fostering cross-border trade and supporting Small and Medium Enterprises (SMEs). Through a strategic partnership with the African Continental Free Trade Area (AfCFTA) Secretariat, UBA has pledged up to six billion dollars over the next three years to support SMEs in key sectors such as agro-processing, automotive, pharmaceuticals, and transport/logistics. This initiative aims to reduce import dependency and stimulate intra-African trade.
“Beyond financing, UBA is dedicated to de-risking critical sectors, equipping SMEs with vital skills, and leveraging technology to improve trade integration and economic resilience across the continent,” Elumelu added.
Mr. Oliver Alawuba, Group Managing Director of UBA, praised the bank’s exceptional performance despite global uncertainties and economic challenges. He noted that UBA expanded its global footprint and solidified its position as a leading financial institution.
“Our gross earnings grew by 53.6% year-on-year to N3.19 trillion, while our net interest income surged by 116.4% to N1.53 trillion,” Alawuba said, reinforcing UBA’s standing as a top financial player.
