*Oliver Alawuba, Group Managing Director/CEO of United Bank for Africa Plc, expresses excitement at the results, stating the 2024 financial performance has demonstrated the bank鈥檚 continued focus on driving earnings growth, preserving asset quality, expanding business operations, and deepening market share in the financial ecosystem

Isola Moses | 绿帽献妻

The Board of Directors of United Bank for Africa (UBA) Plc have proposed a final dividend of N3.00 per share from the retained earnings account as of December 31, 2024.

UBA Plc disclosed this development Monday, March 24, 2025, on the Nigerian Exchange Limited (NGX) where the financial institution said the move was pursuant of Section 379 of the Companies and Allied Matters Act (CAMA) of Nigeria.

It was gathered the bank鈥檚 proposed final dividend and the N2.00 per share interim dividend paid in October 2024, bring the total dividend for the year to N5.00, amounting to a payout ratio of 26.6% (31 December 2023: 16.32%), and a yield of 13.1% (31 December 2023: 10.92%).

The proposed dividend payment resulted from the bank鈥檚 impressive performance, and in fulfilment of the promise made by Mr. Tony Elumelu, Group Chairman of UBA Plc, to shareholders at the last Annual General Meeting (AGM).

The bank proposed a final dividend of N3.00 kobo for every Ordinary Share of 50 Kobo.

The 2024 financials showed an impressive boost in UBA鈥� Profit After Tax (PAT), which was said to have increased by 26.14 percent to close the year at N766.6 billion, up from N607.7 billion recorded at the end of the 2023 fiscal year.

The bank鈥檚 gross earnings also grew significantly from N2.08 trillion recorded at the end of the 2023 financial year to N3.19 trillion in the period under consideration, representing a 53.6 percent growth.

The banks鈥� total assets also rose remarkably by 46.8 per cent, from N20.65 trillion in 2023, to close at N30.4 trillion in December 2024; signifying a milestone leap for the bank.

Despite the highly challenging global economic and business environment, UBA recorded a Profit Before Tax (PBT) of N803.72 billion representing a 6.1 percent increase from N757.68 billion recorded at the end of the 2023 financial year.

In his remarks on the bank鈥檚 performance, Oliver Alawuba, Group Managing Director/Chief Executive Officer (GMD/CEO) of UBA Plc, expressed excitement at the results.

Alawuba stated that the 2024 financial performance demonstrates the bank鈥檚 continued focus on driving earnings growth, preserving asset quality, expanding business operations and deepening market share.

He also said: 鈥淥ur continued investment in our highly diversified global network allows UBA to deliver high-quality, consistent earnings.

鈥淥ur businesses have been able to grow product and service income and expand our deposit base, allowing the Group to increase earnings while maintaining strong spreads and margins.鈥�

The UBA GMD/CEO noted: 鈥淲ith total deposit increasing by 42.03 per cent from N17.4 trillion in 2023 to N24.7 trillion and total assets hitting N30.4 trillion from N20.7 trillion, the just-released results reflect broad-based growth across all core businesses and were achieved despite prevailing macroeconomic challenges, geopolitical uncertainties, and exchange rate volatilities.鈥�

Alawuba further beamed with excitement at the marked improvement recorded in the bank鈥檚 core earnings profile.

He equally explained that the profit is derived from high-quality income streams from funding intermediation, fees and commissions, thus reflecting strong long-term, sustainable revenue generation capacity.

Alawuba: Sustained investments in tech, innovation, others will enhance consumer experience

The UBA Chief stated: 鈥淥ur ex-Nigeria (Rest of Africa & International) operations have expanded significantly over the past five years, now contributing 51.7 percent of Group revenue, up from 31 percent in 2019, delivering diversification benefits and further boosting long-term shareholder value.

鈥淭his will continue to grow, as we further explore strategic markets that align with our overall vision.

鈥淲e are currently upgrading our business scope and authorisation in France, and considering other viable markets in the short to medium term.鈥�

The bank鈥檚 resolve to invest continuously in technology, data analytics, product innovation, staff training, and development will collectively enhance our customers鈥� experience.

Speaking on the bank鈥檚 results also, Ugo Nwaghodoh, Executive Director of Finance & Risk Management at UBA, said the financial institution recorded triple-digit growth in net interest income, resulting in a remarkable improvement in net interest margin from 6.83 percent in 2023 to 9.02 percent, while also recording strong double-digit growth in fee and commission income lines of 91.66 percent.

Nwaghodoh was quoted to have said: 鈥淯BA Group continues to demonstrate strong capital levels, with shareholders鈥� funds growth of 68.4% to N3.42 trillion and a solid capital adequacy ratio of 31.0%, and as we defensibly position the portfolio to navigate prevailing global and regional macroeconomic upheavals, asset quality improved, with NPL ratio moderating to 5.58%, with strong provision coverage at 81%.鈥�

He also noted as the bank navigates evolving risks, its Management remains focused on responsible growth, delivering customer-focused value propositions, while ensuring compliance with regulatory requirements in all jurisdictions.

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