United Bank for Africa (UBA) Q2 2024 earnings summary

Executive summary

• UBA Group reported profit before tax of ₦401.6bn for H1 2024, down slightly from ₦403.6bn in H1 2023, with profit after tax at ₦316.4bn, a 16% decrease year-over-year.

• Earnings per share for the period was ₦8.90, compared to ₦10.95 in H1 2023.

• Interim dividend of ₦2.00 per share was proposed, up from ₦0.50 per share in H1 2023, with a payout ratio of 7.3% and yield of 8.9%.

Financial highlights

• Group interest income rose to ₦1.00tn from ₦428.3bn year-over-year, while interest expense increased to ₦328.9bn from ₦150.2bn.

• Net interest income was ₦674.6bn, up from ₦278.1bn in H1 2023.

• Net trading and FX gain was ₦98.2bn, down from ₦418.3bn in H1 2023.

• Net fee and commission income increased to ₦145.1bn from ₦78.3bn year-over-year.

• Total assets grew to ₦28.34tn as of June 2024, up from ₦20.65tn at year-end 2023.

Outlook and guidance

• Directors expect continued growth and have proposed a higher interim dividend, reflecting confidence in future earnings.

• No material events after the reporting date that could affect the Group's financial position.