United Bank for Africa (UBA) Q4 2024 earnings summary

Executive summary

• Marked 75th anniversary with strong financial performance, resilience, and expansion across 24 countries and 4 continents, serving over 45 million customers and maintaining a diversified business model.

• Achieved record gross revenue of ₦3.19 trillion and profit after tax of ₦767 billion for FY2024, with significant growth in deposits and loans.

• Maintained robust governance, risk management, and ESG integration, earning multiple industry awards and high customer experience rankings.

Financial highlights

• Gross revenue rose 53.6% year-over-year to ₦3.19 trillion; net interest income up 116.4% to ₦1.53 trillion.

• Profit before tax: ₦803.7 billion (up 6.1%); profit after tax: ₦766.6 billion (up 26.2%).

• Total assets: ₦30.3 trillion (up 46.8%); deposits: ₦24.7 trillion (up 42%); loans: ₦7.5 trillion (up 35.3%).

• Basic EPS: ₦21.73 (up from ₦17.49); dividend per share: ₦5.00 (up from ₦2.80).

• Cost-to-income ratio: 49.5%; NPL ratio: 5.6%; capital adequacy ratio: 31.0%.

Outlook and guidance

• Targeting further digital transformation, market expansion, and enhanced customer experience in 2025.

• Plans to complete capital raise ahead of CBN's 2026 deadline, supporting business growth and regulatory compliance.

• Focus on scaling green finance, financial inclusion, and operational efficiency.