United Bank for Africa (UBA) has reported outstanding financial results for the fiscal year ending December 31, 2024. The bank recorded significant growth across all key financial indicators, reinforcing its position as one of Africa’s leading financial institutions.
Strong Financial Performance
UBA’s gross earnings surged to N3.18 trillion, representing a 53.56% growth compared to the previous year. This remarkable increase underscores the bank’s ability to drive revenue growth despite economic challenges.
The bank’s profit before tax (PBT) stood at N803.7 billion, reflecting a 6.08% growth from the N758 billion recorded in 2023. Meanwhile, its profit after tax (PAT) saw a more substantial increase, rising by 26.14% to N766.5 billion, compared to N608 billion in the prior year.
Strong Customer Deposits and Shareholder Value
UBA also experienced strong growth in customer deposits, which reached N24.6 trillion, marking a 42.03% increase from N17.33 trillion in 2023. This growth highlights the bank’s continued ability to attract and retain customers while expanding its market share across Africa.
Additionally, the bank strengthened its shareholders’ funds, which rose significantly by 68.39% to N3.418 trillion, up from N2.03 trillion the previous year. This impressive increase reflects the bank’s solid capital position and commitment to maximizing returns for investors.
Total Assets Reach Historic High
UBA’s total assets soared to N30.3 trillion, reflecting a 46.82% increase from N20.65 trillion in 2023. This expansion further cements UBA’s position as one of the strongest financial institutions in Africa, with the capacity to fund large-scale projects and support economic growth.
Consistent Growth and Future Outlook
The latest financial results showcase UBA’s resilience, strategic growth initiatives, and operational efficiency. The bank’s ability to achieve record-breaking financial performance in a challenging economic environment speaks to its strong management, innovative product offerings, and expanding customer base.
Looking ahead, UBA is expected to continue leveraging digital transformation, financial inclusion, and regional expansion to sustain its impressive growth trajectory. With a robust balance sheet and increasing investor confidence, the bank is well-positioned for even greater success in the coming years.
