United Bank for Africa has released its 2024 half-year earnings, declaring a pre-tax profit of N401.5 billion, compared to the N403.6 billion reported a year earlier.
The bank’s impressive profit position was underpinned by a robust N614.4 billion in net interest income after impairments.
This represents a 395% increase compared to the N124.1 billion reported in the same period in 2023, indicating that the quality of its half-year profit was driven by core business fundamentals and not forex gains.
UBA also impressed investors with a record interim dividend of N2 per share.
UBA’s Half-Year Performance Analysis
UBA’s half-year pre-tax profit of N401 billion for 2024 represents a slight decline of 0.5% compared to the N403 billion reported during the same period in 2023.
One of the major contributors to the bank’s profitability this year was a robust increase in net interest income, which more than tripled to N674.6 billion.
On the fee and commission side, UBA also reported N250.6 billion, marking a 100% increase from the N125.9 billion recorded a year earlier.
Foreign Exchange Gains Reversed
In 2023, UBA’s profits were heavily driven by forex-related gains, some of which the government is currently considering for taxation.
Dividend Payment
UBA declared an interim dividend of N2 per share for 2024, compared to the 50 kobo declared a year earlier.