UBA Group Reports Stellar H1 2024 Performance Amid Global Challenges, Posts ₦401.6 Billion Profit Before Tax

…Delivers Impressive Growth with 37% Asset Surge and 34% Deposit Increase

Segun Atanda/

UBA Group has once again proven its resilience in the face of global economic headwinds, posting a robust ₦401.6 billion profit before tax for the first half (H1) of 2024.

Despite a challenging operating environment marked by high inflation, rising interest rates, and geopolitical tensions, the bank’s strategic focus on balance sheet expansion and digital transformation has propelled its performance to new heights.

The Group’s total assets grew by 37% to ₦28.3 trillion, up from ₦20.7 trillion at the end of 2023, while customer deposits surged 34% to ₦23.2 trillion. UBA’s net interest income soared by 143%, reaching ₦675 billion, showcasing the strength of its core banking operations.

Group Managing Director and CEO, Oliver Alawuba, attributed the impressive results to disciplined execution of strategic goals, particularly in digital banking and transaction banking. UBA’s digital banking income skyrocketed by 107.8%, underscoring its leading position in the digital payments space, while trade transaction income rose by 83%, demonstrating the bank’s growing role in facilitating intra-regional and international trade.

Looking ahead, UBA remains optimistic about sustained growth, with expectations for higher loan and deposit growth in the second half of 2024. The bank’s ongoing investments in technology and strategic partnerships are set to enhance customer experiences and drive financial inclusion across Africa.

Alawuba emphasized the importance of UBA’s commitment to its Environmental, Social, and Governance (ESG) responsibilities, noting initiatives such as tree planting and inclusive banking solutions for visually impaired customers.