……UBA’s Board of Directors has proposed a final dividend of N3.00 per share for the 2024 financial year, up from N2.30 per share in 2023.
United Bank for Africa (UBA) Group Plc has posted an outstanding financial performance for the full year 2024, with audited results revealing a 53.6% surge in revenue to N3.19 trillion from N2.08 trillion in the previous year. This impressive growth was fueled by a remarkable 115% year-on-year increase in net interest income, which climbed to N1.53 trillion from N707.54 billion in 2023.
Additionally, net fees and commission income grew significantly by 87.8% to N355 billion, reflecting UBA’s strong earnings momentum across core banking and trading activities. Total operating income stood at N2.11 trillion, offset by total operating expenses of N1.06 trillion and an impairment charge of N253.6 billion.
Despite these expenses, UBA recorded a profit before tax of N803.7 billion, while profit after tax (PAT) rose by 26.1% to N766.6 billion, up from N607.7 billion in 2023. This performance was further bolstered by improved tax efficiency and a reduction in total income tax, leading to a 24.24% increase in earnings per share (EPS) to N21.73, compared to N17.49 in the prior year.
In a move to reward shareholders, UBA’s Board of Directors has proposed a final dividend of N3.00 per share for the 2024 financial year, up from N2.30 per share in 2023. Combined with the N2.00 per share interim dividend paid in October 2024, this brings the total dividend payout to N5.00 per share, representing a payout ratio of 26.6% and a dividend yield of 13.1%.
UBA’s remarkable financial performance reaffirms its position as one of Africa’s leading financial institutions, demonstrating resilience and strong execution amid evolving market dynamics.
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