Oliver Alawuba, UBA’s Group Managing Director/Chief Executive Officer,
United Bank for Africa (UBA) Plc has announced impressive half-year financial results for the period ending June 30, 2024, highlighting a remarkable 39.6% increase in gross earnings, which reached N1.37 trillion, up from N981.77 billion in the same period last year. The bank’s performance, reported to the Nigerian Exchange Limited (NGX), also included a significant declaration of an interim dividend of N2.00 per share, a 300% increase from N0.50 declared in 2023.
Despite facing challenges in the global macroeconomic landscape and geopolitical tensions in various African nations, UBA’s strong growth trajectory has positioned it favorably among investors. Analysts are optimistic about the bank’s total assets, which surged by 37.2% to N28.3 trillion, alongside customer deposits that climbed 34% to N23.2 trillion. This robust financial performance is expected to bolster stakeholder and shareholder confidence as the bank prepares for a forthcoming capital raising initiative.
In a detailed statement endorsed by Ramon Nasir, Head of Media & External Relations, UBA revealed that its interest income skyrocketed by 134.3% to N1.003 trillion from N428.2 billion year-on-year. However, profit before tax (PBT) saw a slight decline, closing at N401.6 billion compared to N403 billion in June 2023, while profit after tax (PAT) fell from N378 billion to N316 billion. Nevertheless, shareholder funds rose significantly by 47%, from N2.03 trillion in December 2023 to N2.99 trillion.
Oliver Alawuba, UBA’s Group Managing Director/Chief Executive Officer, emphasized the bank’s dedication to delivering shareholder value, stating, “UBA Group has continued to deliver strong double-digit growth in high-quality and sustainable banking revenue streams.” He noted that the bank’s intermediation business witnessed a net interest income increase of 143% year-on-year, totaling N675 billion.
As UBA gears up for its capital raise, the bank remains committed to its medium to long-term aspirations while complying with regulatory requirements across its operations in Nigeria and beyond. With over 35 million customers served through a network of 1,000 business offices in 20 African countries, alongside international presence in major cities like New York, London, Paris, and Dubai, UBA continues to solidify its position as a leading Pan-African financial institution.
The impressive half-year results not only reflect UBA’s resilience and strategic direction but also serve as an enticing invitation for stakeholders and shareholders to participate in the upcoming capital raising process, reinforcing confidence in the bank’s future prospects.
