United Bank for Africa (UBA) Group Plc has delivered another very strong year, growing its total assets to N30.32 trillion in 2024, and successfully sustained its deposit mobilisation efforts, growing total deposits by 42 percent to N24.65 trillion from N17.36 trillion in the corresponding period of 2023.
Additionally, UBA generated a gross revenue of N3.19 trillion and profit after tax of ₦767 billion, while its loan book expanded by 35 percent to N7.51 trillion, from N5.55 trillion.
The Group maintained a well-structured and diversified balance sheet, with shareholders’ funds closing at N3.42 trillion.
This was disclosed on Friday by Mr. Tony O. Elumelu, Chairman, Board of Directors of UBA Group at the banks Annual General Meeting in Abuja.
He said, “Behind each of these figures, is the everyday work of our dedicated staff, providing tangible solutions to real-world needs, delivering value to consumers, businesses, and governments.
UBA supports consumers across Africa and globally, seeking secure and convenient payment methods, businesses requiring modern payment acceptance solutions, and issuers and acquirers in need of innovative offerings for their customers.
“Furthermore, we facilitate governments in promptly distributing payments to individuals during crucial times of need.”
In line with UBA’s commitment to delivering superior returns to its highly esteemed shareholders, the bank declared and paid an interim dividend of N2:00 per share in the course of the 2024 financial year, and a final dividend of N3.00 per share, and total cumulative dividend of N5.00 for the year ended 31 December 2024.
The Chairman, Board of Directors of UBA Group while explaining further the rationale for not going to the market to raise the recapitalisation funds at once said, “I know there has been commendation, and I thank the shareholders for that.
“To me as a person, based on the decision we took in 2012, to spin off all other subsidiaries of UBA, instead of selling to a few of us.
“We decided to open it up to all existing shareholders of UBA, to fund the entities in pari passu in line with the decision.
“As some of you have said, all other institutions that were affected, sold, with incentive, with sharing.
“Similarly, when this capital raise was announced, UBA have been a very prudent financial, Group.
“And often times, when we declare profit, because we believe in reinvestment, that means long term investment, we don’t earn everything and share everything now.
“So, because of that philosophy we had, the retained earnings of the bank was growing, to the point that, as you saw today, our paid-off share capital, N116 billion.
“Our reserves, shareholders’ fund, N3.3 trillion. That is over $2.2 billion, compared to the capital of $116 million. Right? It’s $160 million, compared to $2.2 billion.
“Now, let me tell you an interesting way we look at each others wealth. If we were selfish, we would do public offering.
And if you do public offering, it means this is your sweat that’s generally taken care of ₦3.7 trillion. A new person can come in and take; in fact, because what we’re raising is ₦500 billion now.
“So, we move from ₦116 billion to ₦500 billion, about $370 billion. So, we come in and own $3.3 trillion. So, we said, you know, let’s give the opportunity to existing shareholders.
“So, the investment you’re making, you’re sharing in the N3.3 trillion wealth that your investment has created. But if we sold it to new shareholders, N370 billion will not give them access to N3.3 trillion.
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“So, we have decided there’s no rush, the central Bank deadline is 2026. Why are we rushing? We have done the first one. You guys have invested, right to existing shareholders.
And we know that the capital market is depressed. The price does not reflect. Ideally, the true value of your shares should double like times 10, what it is today.
“So, why do you want to erode value and let people come in to take for nothing? We have done the first.
“You are getting dividend now. If we also do well in two weeks we will pay another dividend, then we open it in October, you can now use your dividend to buy. So, we keep the wealth amongst you shareholder, owners of shares.
“That is what we have done. Selfless position, selfless decision to create wealth for shareholders, this is what we have been doing.”
United Bank for Africa Plc GMD/CEO, Oliver Alawuba said 2025 presents an opportunity for the bank to consolidate its achievements, and chat a course for even greater success.
“With focus on disciplined execution, market leadership and innovation, UBA is well positioned to deliver long term value to shareholders and foster economic growth in the community we serve,” Alawuba stated.
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