Elumelu showcases UBA’s growth, says bank posted N3.19trn revenue, shareholders fund of $3.2 billion

The United Bank for Africa has posted a gross revenue of N3.19 trillion and a profit after tax of N767 billion for the 2024 financial year.

The Chairman, UBA Group, Mr Tony Elumelu, stated this at the bank’s 63rd Annual General Meeting on Friday in Abuja.

Elumelu said the bank sustained its deposit mobilisation efforts by growing total deposits by 42 percent to N24.65 trillion from N17.36 trillion in 2023.

He said that its loan book also expanded by 35 percent to N7.51 trillion from N5.55 trillion, adding that such demonstrated “our commitment to fund growth and make our contribution to Nigeria and Africa’s economic transformation.”

He added, “UBA group maintained a well-structured and diversified balance sheet with total assets and shareholders’ funds closing at 30.3 trillion and 3.4 trillion respectively. For context, and because it’s a national bank, and some people here might not understand, the current 3.4 trillion shareholders’ fund is $3.2 billion.”

On Central Bank directive to increase the minimum capital requirement for international commercial banks to N500 billion, Elumelu said, “Our current capital in the year of 2024 was N116 billion. However, following the rights issue that we launched in November last year, which was oversubscribed, 251 billion has been verified and approved by the Central Bank of Nigeria.

“However, given that it is a rights issue, we could only take up N240 billion in the amount we set out to raise in the rights issue. This left an oversubscribed position of N11.6 billion, which had to be returned to the shareholders.

“With this success, our new capital is now N355.2 billion. The remaining 144.8 billion required to meet the regulatory threshold will be raised later this year, and the proceeds from the rights issue will be duly invested in additional technologies and Business Growth in Nigeria, across Africa and the globe. This will further strengthen our group’s seven decades of impressive performance.”

The UBA Group chairman, reminded shareholders that in 2024, the group marked its 75th anniversary in 2024.

He added, “75 solid years of unwavering commitment to excellence, innovation, and service. 75 years. 75 years is an extraordinary anniversary to achieve. Our existence of three-quarters of a century is a testament to our resilience and institutionalization, a testament to our consistency and our firmness of purpose. Throughout our over seven decades, our group has demonstrated a capacity to adapt, to transform, and to disrupt, establish, further and uphold a fundamental responsibility to our customers and shareholders.”

Elumelu appreciated shareholders, management, board members, regulators and customers, saying, “Your support is essential as we remain focused on creating long-term value for all stakeholders.”

In his own response, the Group Managing Director of UBA, Mr Oliver Alawuba, noted
that the bank had moved far from difficult times, and had continue to advance.

He said UBA has been focusing on customers and improving customer experience.

He said, “The best way to improve customer experience when serving about 45 million customers around the world is through digital banking. So we’re investing heavily in digital banking to improve your experience when you interact digitally or even physically with UBA. This is very important.

Alawuba added, “Today, we are in 24 countries. Someone asked about when we are going to expand our presence. In France, we are going to do that very soon. We’re also expanding to Saudi Arabia, and the only way we can serve all of these countries effectively is through digital technology, which is why we are going to invest more in this area.”