UBA generates N3.19trn revenue, N767bn profit in 2024

UBA headquarters in Lagos

The United Bank for Africa (UBA) has generated a gross revenue of N3.19 trillion and a profit after tax of N767 billion for the 2024 financial year.

The Chairman of the UBA Board of Directors, Tony Elumelu, disclosed this at the bank’s 63rd Annual General Meeting (AGM) in Abuja on Friday, April 25, 2025.

Elumelu said UBA sustained its deposit mobilisation efforts by growing total deposits by 42 per cent to N24.65 trillion from N17.36 trillion recorded in 2023.

He stated that the bank’s loan book also expanded by 35 per cent to N7.51 trillion from N5.55 trillion.

“The group maintained a well-structured and diversified balance sheet, with total assets and shareholders’ funds closing at N30.32 trillion and N3.52 trillion respectively,” Elumelu said.

Elumelu announced an interim dividend of N2 per share and a final dividend of N3 per share to make a cumulative dividend of N5 per share.

Elumelu said UBA was on course to meet the new minimum capital requirement of N500 billion for international commercial banks as stipulated by the Central Bank of Nigeria (CBN).

The UBA chairman expressed the bank’s commitment to driving Africa’s economic transformation by facilitating cross-border trade and empowering Small and Medium Enterprises (SMEs).

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He added: “Through a straight partnership with the African Continental Free Trade Area (AfCFTA) Secretariat, UBA has pledged up to six billion dollars over three years to support SMEs in key sectors.

“The sectors include agro-processing, automotive, pharmaceuticals and transport/logistics, aimed at reducing import dependency and boosting intra-African trade.

“Beyond financing, UBA is focused on de-risking critical sectors, equipping SMEs with essential skills and leveraging technology to enhance trade integration and economic resilience across the continent.”

Also speaking at the event, the Group Managing Director of UBA, Oliver Alawuba, said despite the global uncertainties and economic challenges, the bank delivered outstanding results

Alawuba stated that UBA its global presence and reinforced its position as a leading financial institution.

According to Alawuba, these accomplishments are a testament to the bank’s unwavering focus on enterprise, excellence, and execution.

He further disclosed that the bank’s gross earnings and net interest income reached their highest levels.

“Gross earnings grew year-on-year by 53.6 per cent to N3.19 trillion and our net interest income increased by 116.4 per cent to N1.53 trillion, asserting UBA’s position as a leading financial institution,” Alawuba said.

The Star