UBA records N3.2tn gross revenue in 2024, counts achievements
Group Chairman, Mr. Tony Elumelu and GMD-CEO, UBA, Mr Oliver Alawuba at the 65th Annual General Meeting of United Bank for Africa(UBA)
United Bank for Africa (UBA) Plc, Africa’s Global Bank recorded a gross revenue of ₦3.2 trillion in 2024 financial period.
This was disclosed when the Group held its 65th Annual General Meeting (AGM) today at the Transcorp Hilton Hotel in Abuja, marking a significant milestone in the bank’s history as it celebrates continuous service, innovation, and growth.
Addressing shareholders at the event, the Group Chairman, Mr. Tony Elumelu, highlighted the bank’s remarkable journey and consistent achievements over the last seven decades. He noted that UBA’s 75th anniversary in 2024 is a testament to its resilience, institutionalization, and commitment to delivering value to its stakeholders.
“Throughout our over seven decades, our group has demonstrated a capacity to adapt, to transform, and to disrupt. We’ve consistently upheld our responsibility to our customers and shareholders,” Mr. Elumelu said.
Reflecting on the 2024 financial year, Mr. Elumelu announced that the bank delivered a robust performance, recording a gross revenue of ₦3.2 trillion and a profit after tax of ₦767 billion. UBA’s total deposits grew by 42% to ₦24.6 trillion, while its loan book expanded by 35% to ₦7.5 trillion. The Group’s total assets now stand at ₦30.3 trillion with shareholders’ funds of ₦3.4 trillion (approximately $3.2 billion).
UBA’s Chairman also addressed the Central Bank of Nigeria’s new capital requirement for international commercial banks. He noted that following a successful and oversubscribed rights issue in 2024, the bank’s capital base has risen to ₦355.2 billion. Plans are underway to raise the remaining ₦144.8 billion to meet the ₦500 billion threshold before the regulatory deadline, he said.
Elumelu stated, “We thank our shareholders for their unprecedented confidence and commitment to UBA. The funds raised will be strategically invested in technology and business expansion across Nigeria, Africa, and beyond.”
Highlighting the Group’s commitment to environmental, social, and governance (ESG) principles, Mr. Elumelu revealed that UBA planted 4,550 tree seedlings in 2024, aiming to offset over 212,000 kg of carbon emissions. Additionally, over 13,000 books were distributed through the Read Africa Initiative, promoting literacy across the continent.
In recognition of its achievements, UBA was awarded Bank of the Year in five African countries—Kenya, Burkina Faso, Ghana, Mali, and Zambia—and was named Best Regional Bank in West Africa by the African Bankers Awards.
Group Managing Director/CEO, Mr. Oliver Alawuba, in his remarks, reaffirmed UBA’s dedication to enhancing customer experience, primarily through digital innovation.
“The customer is the reason we exist. To effectively serve our 45 million customers globally, we are making major investments in digital banking, artificial intelligence, and customer fulfillment centers to address feedback promptly and improve service delivery,” Alawuba said.
He further assured shareholders of the bank’s commitment to service security, efficiency, and expansion, with plans to enter new markets including France and Saudi Arabia.
“Every naira we are raising is to strengthen our digital capacity and safeguard our customers. We are committed to delivering more value and exceeding our performance targets,” he concluded.
The AGM concluded with expressions of appreciation from the leadership to shareholders, staff, customers, regulators, and all stakeholders who have contributed to UBA’s 75-year journey of excellence.
