The United Bank for Africa (UBA) Plc has once again raised the bar, delivering record-breaking financial results for the year ended December 31, 2024, and shareholders are reaping the rewards.

In audited financials filed with the Nigerian Exchange Limited (NGX) yesterday, UBA announced a remarkable 26.14% jump in profit after tax, soaring from N607.7 billion in 2023 to an impressive N766.6 billion.

But the good news doesn’t stop there. Gross earnings surged by 53.6%, climbing from N2.08 trillion to N3.19 trillion.

The bank’s total assets also experienced a significant 46.8% leap, hitting N30.4 trillion from N20.65 trillion in the previous year, a clear sign of the bank’s unstoppable momentum.

Even in a year marked by global economic turbulence, UBA recorded a robust profit before tax of N803.72 billion, up 6.1% from the previous year’s N757.68 billion.

As a result of this outstanding performance, shareholders’ funds ballooned by 68.39%, from N2.03 trillion to N3.42 trillion.

True to his promise at the last Annual General Meeting, Group Chairman Tony Elumelu has proposed a final dividend of N3 per share, bringing total dividends for the year to N5 per share, pending shareholder approval at the upcoming AGM.

UBA’s Group Managing Director, Oliver Alawuba, expressed excitement over the results, saying:

“Our continued investment in our highly diversified global network allows UBA to deliver high-quality, consistent earnings.

Our businesses have been able to grow product and service income and expand our deposit base, allowing the Group to increase earnings while maintaining strong spreads and margins.

With total deposit increasing by 42.03 per cent from N17.4 trillion in 2023 to N24.7 trillion and total assets hitting N30.4 trillion from N20.7 trillion, the just-released results reflect broad-based growth across all core businesses and were achieved despite prevailing macroeconomic challenges, geopolitical uncertainties, and exchange rate volatilities.”

He also emphasized UBA’s ongoing commitment to investing in technology, data analytics, product innovation, and staff development, all aimed at enhancing customer experience.

Speaking on the bank’s financial strategy, Ugo Nwaghodoh, UBA’s Executive Director of Finance and Risk Management, added:

“The bank recorded triple-digit growth in net interest income, resulting in remarkable improvement in net interest margin from 6.83 per cent in 2023 to 9.02 per cent, while also recording strong double-digit growth in fee and commission income lines of 91.66 per cent.”

UBA isn’t just growing; it’s dominating. And shareholders are smiling all the way to the bank.