UBA Reports 40% Surge in Earnings, Declares N2 Interim Dividend for H1 2024

United Bank for Africa (UBA) Plc has demonstrated robust financial growth in its audited half-year results for 2024, with earnings climbing by 40% to N1.37 trillion, marking another strong performance amidst challenging global economic conditions.

According to Ramon ​Nasir, the Head, Media & External Relations for UBA, the group also declared an interim dividend of N2.00 per share, a significant increase from last year’s N0.50.

The results, released on Monday and filed with the Nigerian Exchange Limited (NGX), highlight substantial gains across key financial metrics.

UBA’s total assets surged by 37.2%, reaching N28.3 trillion, while customer deposits grew by 34% to N23.2 trillion by June 30, 2024. Interest income saw a remarkable 134.3% rise to N1.003 trillion, a significant jump from N428.2 billion recorded during the same period last year.

Despite slight drops in profitability, with profit before tax (PBT) at N401.6 billion and profit after tax (PAT) dipping to N316 billion, UBA’s shareholders’ funds increased by 47% to N2.99 trillion, reflecting its strong capitalization and resilience.

Group Managing Director/CEO, Oliver Alawuba, attributed the impressive performance to a focused strategy that drives growth across UBA’s transaction and digital banking businesses.

He said, “UBA Group has continued to deliver strong double-digit growth in sustainable banking revenue streams. Our net interest income expanded by 143% YoY to N675 billion, demonstrating our strength in the intermediation business.”

Looking ahead, Alawuba expressed optimism for the second half of the year, citing significant investments in technology and product innovation aimed at enhancing the customer experience. UBA also continues to prioritize operational efficiency, as Executive Director, Finance & Risk, Ugo Nwaghodoh, emphasized the bank’s focus on cost optimization and risk management.

As a Pan-African financial institution, UBA continues to serve over 35 million customers across 20 African countries, with a strong international presence in key global financial hubs, including New York, London, Paris, and Dubai.