•To expand operations to Saudi Arabia, France in 2025
UNITED Bank for Africa (UBA) Plc, also known as Africa’s Global Bank, has outlined its strategic roadmap for the 2025 financial year, prioritizing innovation, digital transformation, physical and financial strength, and global reach.
Following the release of its full-year financial results for 2024 to stakeholders on Tuesday, the bank announced plans to accelerate growth through strategic investments in technology, enhanced risk management frameworks, and improved capital efficiency.
Oliver Alawuba, UBA’s Group Managing Director/Chief Executive Officer, shared insights during the Full-Year 2024 Investors Conference Call held at the UBA Head Office. He noted that the bank’s performance demonstrated broad-based growth across its core businesses, exceeding previous records and reaffirming its status as a leading global financial institution.
At the close of the 2024 fiscal year, UBA reported exceptional financial results, with profit after tax rising by 26.14 percent to N766.6 billion, up from N607.7 billion at the end of the 2023 fiscal year.
Gross earnings also saw significant growth, increasing from NGN 2.07 trillion at the end of 2023 to NGN 3.187 trillion in the 2024 fiscal year, reflecting a 53 percent increase.
Despite the challenging global economic environment, UBA achieved a profit before tax of N803.72 billion, representing a 6 percent increase from N757.68 billion recorded at the end of 2023.
As a result, UBA’s Shareholders’ Funds rose from NGN 2.030 trillion as of December 2023 to NGN 3.419 trillion at the end of the 2024 fiscal year, marking an impressive growth of 68.39 percent.
In light of this stellar performance, the bank proposed a final dividend of NGN 3.00 kobo for every ordinary share of 50 kobo for the financial year ending December 31, 2024.
During the investor meeting, Alawuba emphasized the bank’s commitment to exceeding growth projections through strategic technology investments, enhanced risk management, and disciplined capital efficiency.
“We will continue to push the frontiers of innovation and technology adoption to create sustainable value for shareholders by making strategic investments in technology. Our dedicated and motivated team will work diligently to maintain our performance and provide high-impact, customer-centric products,” Alawuba stated.
He assured investors that the bank is on track to sustain the momentum it has built over the past years, affirming a commitment to best-in-class risk management strategies to navigate emerging market challenges while ensuring financial strength, regulatory compliance, and long-term sustainability.
This performance highlights UBA’s ability to generate sustainable revenue through core operations, such as increased loan book growth, deposit mobilization, and transaction banking.
Alawuba also announced the bank’s planned expansions into France and Saudi Arabia, noting that UBA’s ex-Nigeria operations (including those in the rest of Africa and internationally) have seen significant growth, contributing 51.7% of group revenue, up from 31% in 2019. He stated, “This growth provides diversification benefits and enhances long-term shareholder value. We will continue to expand as we explore strategic markets aligned with our vision.”
Ugo Nwaghodoh, UBA’s Executive Director of Finance & Risk Management, reported triple-digit growth in net interest income, resulting in a substantial improvement in the net interest margin from 6.83% in 2023 to 9.14%. He also highlighted a strong double-digit growth of 91.66% in fee and commission income.
Nwaghodoh explained that while navigating evolving risks, the bank’s management remains focused on responsible growth and delivering customer-focused value propositions while ensuring compliance with regulatory requirements in all jurisdictions.
With 25,000 employees across its group and over 45 million customers worldwide, UBA is one of the largest employers in the financial sector on the African continent. The bank operates in twenty African countries, as well as in the United Kingdom, the United States, France, and the United Arab Emirates, offering retail, commercial, and institutional banking services, leading financial inclusion, and implementing cutting-edge technology.
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