United Bank for Africa (UBA) Group PLC has delivered another very strong year, increasing its total assets to N30.32 billion in 2024, and successfully kept its deposit mobilization efforts, growing total deposits by 42 percent to N24.65 billion N17.36 billion in the corresponding period of 2023.
In addition, UBA generated a gross income of N3.19 billion and profits after taxes of ₦ 767 billion, while its loan book expanded by 35 percent to N7.51 billion, from N5.55 billion.
The group maintained a well structured and diversified balance, with the funds of the shareholders closing N3.42 billion.
This was revealed on Friday by Mr. Tony O. Elumelu, President, Board of Directors of the UBA Group at the Annual General Banks Meeting in Abuja.
He said: “Behind each of these figures, the daily work of our dedicated staff, which provides tangible solutions to the needs of the real world, offers value to consumers, companies and governments.
UBA supports consumers in Africa and worldwide, looking for safe and convenient payment methods, companies that require modern solutions for acceptance of payments and issues and acquirers who need innovative offers for their customers.
“In addition, we facilitate governments to quickly distribute payments to people during crucial need.”
In line with UBA's commitment to deliver higher yields to his highly estimated shareholders, the Bank declared and paid a provisional dividend of N2: 00 per action in the course of financial year 2024, and a final dividend of N3.00 per action, and a total cumulative dividend of N5.00 for the year that ended on December 31, 2024.
The president, Board of Directors of UBA Group, while explaining even more the justification for not going to the market to raise the recapitalization funds at the same time: “I know there have been praise and I thank the shareholders for that.
“For me, as a person, based on the decision we made in 2012, to reject all the other UBA subsidiaries, instead of selling some of us.
“We decided to open it to all existing Shareholders of UBA, to finance the entities in Pari Passu in line with the decision.
“As some of you have said, all the other institutions that were affected, sold, with incentives, with the exchange.
“Similarly, when this capital increase was announced, UBA has been a very prudent financial group.
“And many times, when we declare profits, because we believe in reinvestment, that means a long -term investment, we do not win everything and share everything now.
“Then, due to that philosophy we had, the bank's retained profits were growing, to the point that, as he saw today, our paid share capital, n116 billion.
“Our reservations, shareholders fund, N3.3 billion. That is more than $ 2.2 billion, compared to the capital of $ 116 million. Correct? They are $ 160 million, compared to $ 2.2 billion.
“Now, let me tell you an interesting way to look at the richness of others. If we were selfish, we would make the public offer.
And if you make the public offer, it means that this is your sweat that is generally responsible for ₦ 3.7 billion. A new person can enter and take; In fact, because what we are raising is ₦ 500 billion now.
“Then, we go from ₦ 116 billion to ₦ 500 billion, about $ 370 billion. Then, we enter and have $ 3.3 billion. Then, we said, we already know, we give the opportunity to the existing shareholders.
“Then, the investment he is making is sharing the richness N3.3 billion that his investment has created. But if we sold it to new shareholders, N370 billion will not give access to N3.3 billion.
Also read:
“So, we have decided that there is no hurry, the deadline of the Central Bank is 2026. Why do we rush? We have made the first. You have invested, the right to existing shareholders.
And we know that the capital market is depressed. The price is not reflected. Ideally, the true value of your actions should double to the 10th times, what it is today.
“So why do you want to erode the value and let people among nothing? We have done the first.
“Now you are receiving dividends. If it is also good for us in two weeks, we will pay another dividend, then we will open it in October, now you can use its dividend to buy. Then, we maintain wealth among its shareholders, shares of shares.
“That is what we have done. Decree, selfless decision to create wealth for shareholders, this is what we have been doing.”
United Bank for Africa PLC GMD/CEO, Oliver Alawuba, said that 2025 presents an opportunity for the bank to consolidate its achievements and chat a course for even greater success.
“With the focus on disciplined execution, leadership and market innovation, UBA is well positioned to offer a long -term value to shareholders and promote economic growth in the community we serve,” Alawuba said.
Nigerian tribe