UBA posts $320.9 million profit in 9M 2024

Feyisayo Ajayi -
Key Points
  • UBA's profit grew by 16.92% to $320.9 million in 9M 2024, despite macroeconomic challenges.
  • Customer deposits rose by 54.3% to N22.97 trillion ($14.05 billion), demonstrating strong liquidity and growing client trust.
  • Total assets surged 54% to N31.8 trillion ($19.44 billion) as of Sept. 30, 2024, reflecting UBA's expanding financial strength.

United Bank for Africa Plc (UBA), a leading pan-African financial services group, has demonstrated impressive financial resilience in a challenging macroeconomic environment, reporting a profit of $320.9 million for the first nine months (9M) of 2024.

UBA's profit growth highlights market resilience

Under Tony Elumelu, UBA's profit surged 16.92 percent, increasing from N449.30 billion ($274.84 million) in the same period last year to N525.31 billion ($320.90 million) in 2024. 

This growth was bolstered by improved fee income and robust foreign exchange earnings, highlighting UBA's adaptability in volatile markets.

UBA's net interest income climbed by 149.01 percent, rising from N443.08 billion ($269.90 million) in 9M 2023 to N1.1 trillion ($671.31 million).

This uptick reflects a heightened demand for loans and investment securities, as UBA continues to leverage digital banking and electronic transfer services effectively.

Non-interest income also demonstrated resilience, reaching N435.84 billion ($265.52 million) despite facing net monetary losses due to hyperinflation.

Nigerian businessman Tony Elumelu holds 7.39 percent stake in UBA

UBA, a top 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.

Tony Elumelu, a Nigerian businessman with a 7.39 percent stake in the pan-African financial services group—equivalent to 2,527,372,285 shares—ranks among the top investors on the Nigerian Exchange (NGX) and is one of Nigeria’s wealthiest individuals.

UBA’s assets climb to $19.4 billion

Under Tony Elumelu’s leadership, UBA reported strong performance, with comprehensive income rising from N886.81 billion ($540.22 million) to N1.63 trillion ($995.50 million). Customer deposits also surged by 54.3 percent, reaching N22.97 trillion ($14.05 billion).

The bank's balance sheet also strengthened, with total assets increasing from N20.65 trillion ($12.38 billion) on Dec. 31, 2023, to N31.80 trillion ($19.37 billion) by Sept. 30, 2024.

Retained earnings grew from N919.87 billion ($551.25 million) to N1.31 trillion ($795.13 million). Loans to customers expanded to N7.68 trillion ($4.7 billion), reflecting UBA's continued support for businesses and individuals across Africa.