United Bank for Africa reports full-year profit of N766.5 billion for 2024, announces N3 final dividend 

This figure represents a 26.14% increase from last year’s profit of N607.6 billion, with the bank’s pre-tax profit standing at N564.6 billion.

The group’s interest income rose to N2.3 trillion, a 120.40% increase from the N1 trillion reported for 2023, with much of this income coming from treasury bills, term loans to corporates, and bonds.

Additionally, UBA announced a final dividend of N3.00 for each ordinary share of 50 kobo, bringing the total dividend for the financial year to N5.00, subject to withholding tax.

This dividend will be paid to shareholders listed in the Register of Members as of the close of business on Friday, April 11, 2025.

For the year ended December 31, 2024, UBA reported an interest income of N2.3 trillion, which is an increase of N1 billion from the N1 trillion reported in 2023.

However, the bank faced a substantial rise in interest expenses, which increased by 128.18% year-over-year to reach N839.2 billion, with expenses from customer deposits comprising 54.4% of this total.

Despite these rising costs, UBA reported a net interest income of N1.5 trillion, reflecting a 116.35% increase from N707.5 billion in the previous year.

Its impairment charges on financial instruments grew by 22.71% to N253.565 billion. Notwithstanding, net interest income after impairment charges on financial instruments stood at N1.277 billion, reflecting an impressive 154.98% YoY growth.

UBA also saw a 91.66% rise in fees and commission income, reaching N589 billion compared to N307.3 billion the prior year, with electronic banking contributing significantly at N236.3 billion.

In terms of trading, UBA generated N181.7 billion from net trading and foreign exchange gains, a decline from the N659.2 billion posted in 2023.

Ultimately, the group’s pre-tax profit increased to N803.7 billion, up 6.08% from N757.6 billion in the previous year, while post-tax profit rose 26.14% to N766.5 billion.

UBA reported total assets of N30.3 trillion for the year ended December 31, 2024, reflecting a year-over-year increase of 46.82% from N20.6 trillion in 2023.