UBA Posts N766.5 Billion Profit in 2024, Strengthens Market Position
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United Bank for Africa (UBA) Plc has announced a significant financial performance for the 2024 fiscal year, reporting a profit after tax of N766.5 billion—reflecting a 26.1% increase from the N607.6 billion recorded in 2023. The bank’s latest financial report highlights robust growth across key metrics, reinforcing its strong market position.
Key Financial Highlights
- Revenue Growth: UBA’s total revenue surged by 53.5%, reaching N3.1 trillion, up from N2.07 trillion in 2023.
- Earnings Per Share: Increased to N21.73 from N17.49, reflecting improved shareholder value.
- Profit Before Tax: Rose by 6.1% to N803.7 billion, compared to N757.6 billion in the previous year.
- Total Assets: Expanded by 46.6%, reaching N30.3 trillion from N20.6 trillion in 2023.
- Total Liabilities: Increased by 44.5%, rising to N26.9 trillion from N18.6 trillion.
- Net Operating Income: Saw an 8.4% increase, hitting N1.2 trillion from N1.1 trillion.
- Retained Earnings: Grew by 54.9% to N1.4 trillion, compared to N919.8 billion in 2023.
UBA also reported strong deposit growth, with customer deposits rising by 42% to N24.6 billion, while loans and advances to customers reached N7.5 trillion, further reinforcing its financial resilience.
Dividend Payout
To reward shareholders, UBA declared a final dividend of N3.00 per ordinary share of 50 kobo, subject to withholding tax. This follows an earlier interim dividend of N2.00 paid in October 2024, bringing the total dividend payout for the year to N5.00 per share.
With a solid financial performance and consistent growth, UBA continues to strengthen its position as a leading financial institution in Africa, committed to delivering value to its stakeholders.
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