Strong Financial Performance in 2024 Fuels Optimism
UBA’s forward-looking plans are backed by a stellar financial performance in 2024, as detailed in its recently released full-year financial report. The report, made available to stakeholders on Tuesday, revealed remarkable growth across various financial indicators, reinforcing the bank’s position as a dominant force in the industry.
Speaking during the Full-Year 2024 Investors Conference Call held at the UBA Head Office on Thursday, UBA’s Group Managing Director/Chief Executive Officer, Oliver Alawuba, highlighted the bank’s impressive performance. He noted that the bank’s financial results exceeded expectations, demonstrating broad-based growth across its core operations and setting the stage for future expansion.
Key Financial Highlights
UBA recorded an outstanding financial year in 2024, with significant improvements across critical financial metrics:
- Profit After Tax (PAT): The bank’s PAT surged by 26.14%, reaching N766.6 billion, compared to N607.7 billion recorded in 2023.
- Gross Earnings: UBA achieved a substantial 53% increase in gross earnings, rising from N2.07 trillion in 2023 to N3.187 trillion in 2024.
- Profit Before Tax (PBT): Despite global economic challenges, the bank reported a 6% rise in PBT, climbing from N757.68 billion in 2023 to N803.72 billion in 2024.
- Shareholders’ Funds: The bank experienced a remarkable 68.39% growth in shareholders’ funds, escalating from N2.03 trillion in December 2023 to N3.419 trillion by the end of 2024.
In light of this impressive performance, UBA has proposed a final dividend of N3.00 kobo per ordinary share of 50 kobo for the financial year ending December 31, 2024, reflecting its commitment to rewarding shareholders.
Strategic Focus for 2025
Building on its 2024 achievements, UBA is set to accelerate growth through key strategic initiatives that prioritize innovation and operational efficiency. CEO Oliver Alawuba reassured investors that the bank’s next phase of growth would be driven by:
- Investments in Technology: UBA plans to further integrate cutting-edge digital solutions to enhance customer experience and streamline operations.
- Enhanced Risk Management Frameworks: Strengthening risk assessment mechanisms to navigate global economic fluctuations effectively.
- Capital Efficiency: Optimizing financial resources to maintain robust liquidity and maximize shareholder value.
- Expanding Global Reach: Reinforcing its international presence to cater to a broader customer base and drive cross-border financial services.
With these strategies in place, UBA is poised to surpass its growth projections and maintain its leadership as a global financial powerhouse. The bank remains dedicated to innovation, customer satisfaction, and sustainable economic development, ensuring long-term value for its stakeholders.
Conclusion
As UBA steps into 2025 with a clear vision and a well-defined strategic roadmap, it continues to reaffirm its commitment to excellence and innovation. With strong financial backing and an aggressive expansion strategy, the bank is well-positioned to navigate the evolving economic landscape and achieve greater milestones in the years ahead.
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