Nigerian tycoon Tony Elumelu’s UBA delivers $102.25-million profit in Q1 2024

Omokolade Ajayi -

United Bank for Africa Plc (UBA), a pan-African financial services group led by Nigerian businessman Tony Elumelu, has continued its impressive financial trajectory, with its first-quarter profits for 2024 soaring above $100 million, solidifying its position among Africa’s most profitable lenders.

Building on its record-breaking performance in 2023, with profit rising 257 percent to N607.7 billion ($468.8 million), UBA’s first-quarter profit jumped 166 percent year-over-year to N142.6 billion ($102.25 million), according to the group’s recently released unaudited interim consolidated financial statements.

The triple-digit profit surge is attributed to significant growth in both interest and non-interest income. Interest income jumped from N191.9 billion ($137.6 million) in Q1 2023 to N440.76 billion ($316 million) in Q1 2024. Similarly, fees and commission income rose from N52.2 billion ($37.7 million) to N113.65 billion ($82 million) during the same period.

UBA: Top Nigerian lender with presence in Africa, US, Europe

UBA, a prominent player in Nigeria’s financial landscape, maintains a widespread presence across 24 countries spanning four continents, including key markets such as the UK, the United States, France, and the United Arab Emirates.

Elumelu, holding a 7.39-percent stake in UBA, equivalent to 2,527,372,285 ordinary shares, not only stands as one of the leading investors on the Nigerian Exchange but also ranks among Nigeria’s wealthiest individuals.

UBA’s balance sheet strengthens

Under Elumelu’s leadership, UBA’s total comprehensive income for the period also rose, from N51.03 billion ($36.56 million) to N581.47 billion ($416.7 million). This builds on the group’s impressive 2023 performance, where total comprehensive income surged from N150.5 billion ($116.4 million) in 2022 to N1.078 trillion ($832.4 million).

The robust performance extends to UBA’s balance sheet. Total assets increased from N20.65 trillion ($14.8 billion) as of December 31, 2023, to N25.37 trillion ($18.25 billion) as of March 31, 2024. Retained earnings also crossed the N1-trillion mark, rising from N919.87 billion ($660.6 million) to N1.055 trillion ($757.1 million).