UBA reported a record 31.9 trillion revenue and 767 million profit in 2024.
Nigeria News Nalin It is reported that the United Bank of Africa (UBA) PLC reported excellent economic performance in the 2024 fiscal year, with total revenue soaring to 31.9 trillion yuan and profits after taxes reached 767 billion yuan.
UBA Chairman Tony Elumelu said in his 63rd Annual General Meeting in Abuja on Friday that strong results underline the bank’s continued resilience and strategic priorities, even on the economic side.
Elumelu revealed that UBA’s customer deposits rose 42% to 24.65 trillion, up from $17.36 trillion in 2023. The bank’s loan portfolio also increased by 35%, from $5.55 trillion to 7.51 trillion.
“We maintained a well-structured and diversified balance sheet with a total asset of $30.32 trillion and a shareholder fund of $3.52 trillion,” he noted.
Shareholders received a total dividend of 5.00 shares per share, including a temporary dividend of 2.00 and a final payment of 3.00.
Elumelu reiterated UBA’s willingness to meet the new minimum capital needs of the Central Bank of Nigeria (CBN), which requires an international commercial bank of $500 billion, and stressed that the institution is strategically positioned to continue to grow.
He stressed the UBA’s pan-African vision, and he said the bank remains committed to supporting the 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 ensure strengthening of SMEs in key sectors such as agroprocessing, automobiles, medicines, medicines and logic.
“We are not only providing capital. We are detaching from the risk sector, providing capacity building and deploying technologies to drive internal trade and economic resilience,” Elumelu said.
Mr. Oliver Alawuba, managing director/CEO of the group, attributed the record results to the bank’s focus on corporate, operational excellence and execution. He said UBA’s global footprint and customer-centric model continue to position the bank’s sustainable growth.
“Despite global uncertainty, our revenue is high. Total revenues have increased by 53.6% year-on-year, while net interest income soared 116.4% to $1.53 trillion, the highest to date.”
He reiterated UBA’s commitment to innovation, growth and unlocking the long-term value of its 20 African markets and global financial hubs.
