United Bank for Africa (UBA) Plc, Africa’s Global Bank, has announced its audited financial results for the year ended December 31, 2024, showcasing robust growth across key performance indicators.
The results, filed with the Nigerian Exchange Limited (NGX) on Monday, revealed a 26.14% increase in profit after tax (PAT), rising to N766.6 billion from N607.7 billion in 2023. Gross earnings surged by 53.6% to N3.19 trillion, up from N2.08 trillion the previous year.
UBA’s total assets grew by 46.8%, reaching N30.4 trillion in 2024 compared to N20.65 trillion in 2023, reinforcing its position as Africa’s most geographically diversified bank. Despite global economic headwinds, the bank posted a 6.1% rise in profit before tax (PBT), climbing to N803.72 billion from N757.68 billion in 2023.
Shareholders’ funds also saw a remarkable 68.39% increase, rising to N3.419 trillion from N2.030 trillion in the prior year. In line with its commitment to shareholder value, UBA has proposed a final dividend of N3.00 per ordinary share for 2024, bringing the total dividend for the year to N5.00 per share, pending shareholder approval at the upcoming Annual General Meeting (AGM).
Strategic Growth and Diversification
UBA’s Group Managing Director/CEO, Oliver Alawuba, attributed the strong performance to the bank’s focus on sustainable earnings growth, asset quality, and market expansion.
“Our diversified global network enables us to deliver consistent, high-quality earnings. We’ve grown product and service income while expanding our deposit base, driving profitability despite macroeconomic challenges,” Alawuba stated.
He highlighted that 51.7% of Group revenue now comes from ex-Nigeria operations (Rest of Africa & International), up from 31% in 2019, underscoring UBA’s successful pan-African and global strategy. The bank is also expanding its presence in France and exploring new markets to further enhance long-term growth.
Financial Strength and Risk Management
Ugo Nwaghodoh, UBA’s Executive Director of Finance & Risk Management, emphasized the bank’s strong capital position, with:
- Shareholders’ funds at N3.42 trillion (up 68.4%)
- Capital adequacy ratio of 31.0% (well above regulatory requirements)
- Improved asset quality, with NPL ratio declining to 5.58% and 81% provision coverage
“We remain committed to responsible growth, customer-centric innovation, and regulatory compliance across all markets,” Nwaghodoh added.
A Leading Pan-African Financial Institution
With 25,000 employees and over 45 million customers worldwide, UBA operates in 20 African countries, the UK, USA, France, and the UAE. The bank continues to lead in financial inclusion, digital banking, and cross-border trade facilitation, reinforcing its reputation as a pillar of Africa’s economic growth.
The full results further cement UBA’s position as a resilient, high-performing financial institution poised for sustained success in 2025 and beyond.