By Ayomide Otitoju
United Bank for Africa (UBA) Plc recorded a 26.14% year-on-year increase in profit, reaching N766.568 billion in 2024, up from N607.696 billion in the previous financial year.
According to the bank’s audited report released on the Nigerian Exchange, UBA’s strong performance was driven by significant revenue growth amid a high-interest-rate environment in its key markets.
Net interest income surged by 116% to N1.530 trillion in 2024, compared to N707.540 billion in 2023, while net fee and commission income also saw a substantial rise. UBA generated N355 billion in net fee and commission income, marking an 88% increase from the N189.059 billion recorded in 2023.
Pre-tax profit stood at N803.726 billion, reflecting a 6% increase from N757.680 billion in 2023. The bank’s bottom line was further strengthened by a sharp decline in tax expenses, which dropped to N37.158 billion in 2024 from N149.984 billion in 2023.
In line with its improved financial performance, UBA has proposed a final dividend of N3.00 per share, up from N2.30 per share in 2023. This, combined with the N2.00 per share interim dividend paid in October 2024, brings the total dividend for the year to N5.00 per share. The total payout ratio now stands at 26.6%, a significant increase from 16.32% in 2023.
The proposed final dividend will be presented for shareholder approval at the next Annual General Meeting and will be paid subsequently, subject to withholding tax at the applicable rate, the bank stated in its audited report.
