United Bank for Africa (UBA) Plc has released its audited half-year financial results, showing impressive performance across key financial indicators. The bank recorded a 39.6% increase in gross earnings, rising from N981.77 billion in 2023 to N1.371 trillion in June 2024.

Interest income surged 134.3% to N1.003 trillion, while total assets grew 37.2% to N28.3 trillion. Customer deposits jumped 33.7% to N23.2 trillion.

Profit before tax (PBT) stood at N402 billion, with profit after tax (PAT) at N316 billion.
The bank’s shareholders’ funds increased 47% to N2.99 trillion.

UBA’s Board of Directors declared an interim dividend of N2.00 per share, representing a 300% increase from the N0.50 declared in the same period in 2023.

UBA’s Group Managing Director/Chief Executive Officer, Mr. Oliver Alawuba, stated, “UBA Group has continued to deliver strong double-digit growth in high-quality and sustainable banking revenue streams, driven by a focused growth in balance sheet, transaction, and digital banking businesses across geographies in line with our strategic goals.”

“The Group’s performance has been buoyed by consistent strong growth in all core and sustainable banking income lines.”Our intermediation business showed strong growth with net interest income expanding by 143% YoY to N675 billion.”

Executive Director Finance & Risk, Ugo Nwaghodoh, expressed delight at the bank’s operational efficiency, noting, “Our cost optimization provides scope for further moderation, as we explore options towards a drastic reduction of our foreign currency denominated cost components, robotizing and automation of processes and application of artificial intelligence to our operations.”