United {Bank} for Africa Plc (UBA) marked its seventy fifth anniversary on a excessive be aware on Friday as shareholders unanimously authorized a complete dividend payout of N171.3 billion for the 2024 {financial} yr on the Group’s Annual Common Assembly (AGM) held in Lagos.
The dividend, which interprets to N5.00 per share—comprising an interim dividend of N2.00 earlier paid and a remaining dividend of N3.00 per share—displays UBA’s dedication to delivering superior returns to its shareholders amid sturdy {financial} efficiency.
Addressing shareholders on the AGM, chairman of the Board, Tony Elumelu, mentioned the {bank} achieved gross earnings of N3.19 trillion and revenue after tax of N767 billion, affirming UBA’s stable fundamentals and capability to create long-term worth.
“Our 2024 efficiency demonstrates the energy and resilience of our enterprise. Behind the numbers are the efforts of our devoted individuals, enabling us to offer actual options to the wants of people, companies, and governments throughout our footprint,” Elumelu mentioned.
UBA additionally recorded substantial development in its steadiness sheet, with buyer deposits rising by 42 per cent to N24.65 trillion and its mortgage guide increasing by 35 per cent to N7.51 trillion. Whole property closed at N30.32 trillion whereas shareholders’ funds stood at N3.42 trillion.
Shareholders praised the {bank}’s efficiency and dividend coverage, with the N3.00 remaining dividend receiving unanimous approval throughout the assembly.
The AGM additionally supplied a platform to transient shareholders on the {bank}’s capital increase in response to the Central Bank of Nigeria’s new minimal capital requirement of N500 billion for worldwide business banks.
In November 2024, UBA launched a rights concern, providing 6.84 billion extraordinary shares at N35 per share. The provide was oversubscribed by 4.8%, elevating N251 billion—absolutely verified and authorized by the CBN.
Elumelu mentioned the ultimate part of the capital increase might be concluded in Q3 2025, nicely forward of the March 2026 deadline. Proceeds from the train will assist the {bank}’s digital transformation and enterprise enlargement initiatives.
Group managing director/CEO, Oliver Alawuba, attributed the Group’s spectacular earnings development to a mixture of strategic initiatives and robust fundamentals, significantly a major rise in internet curiosity revenue and internet fee and charges.
“Our development in earnings was fuelled by a major improve in internet curiosity revenue and internet fee and charges, pushed by a powerful enlargement within the mortgage portfolio and better internet curiosity margins,” Alawuba defined.
He added that the group’s digital banking enterprise throughout a number of geographies performed a important function in boosting non-interest revenue.
“The online fee and charges benefited from our digital banking companies throughout geographies, according to our strategic objectives,” he mentioned.
On price administration, Alawuba emphasised UBA’s continued self-discipline, noting that cost-to-income closed at 49.6 per cent, which was according to steerage.
“This end result is indicative of regular business-as-usual bills, the influence of inflationary tendencies, and deliberate increments associated to deliberate strategic investments and the institution of latest enterprise ventures,” he said.
Regardless of challenges within the macroeconomic surroundings, Alawuba affirmed the energy of the Group’s danger property and general {financial} well being.
“However the opposed macroeconomic circumstances, the basic energy of our underlying asset high quality persists, as mirrored in a Non-Performing Mortgage (NPL) ratio of 5.58 per cent,” he mentioned.
UBA operates in a complete of 24 international locations. It has a presence in about 19 African international locations, in addition to the UK, France, and the United Arab Emirates. UBA can also be the one sub-Saharan African {bank} with a banking license in the USA.
Wanting forward, Alawuba outlined UBA’s strategic priorities for the 2025 {financial} yr, centered round innovation, operational effectivity, and customer-centricity.
He mentioned the {bank} will now deal with digital transformation by leveraging AI and superior analytics to boost buyer experiences and operational effectivity.
“We’re deepening penetration in current markets whereas exploring new alternatives for development,” He said. The goal is to raise service supply by way of customized choices and feedback-driven enhancements.
He mentioned the {bank} might be scaling inexperienced finance initiatives and embedding ESG ideas throughout our operations. “We’ll develop our attain by way of company banking and modern merchandise tailor-made for underserved communities.”
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