United Bank for Africa (UBA) Group Plc grew its total assets to N30.32 trillion in 2024 while deposits grew by 42 per cent to N24.65 trillion from N17.36 trillion recorded in 2023.
In addition, the bank generated gross revenue of N3.19 trillion and profit after tax of ₦767 billion, while its loan book was 35 per cent to N7.51 trillion up from N5.55 trillion.
The bank maintained a well-structured and diversified balance sheet, with shareholders’ funds closing at N3.42 trillion.
The figures were reeled out by the chairman, board of directors of UBA Group, Mr Tony Elumelu, at the bank’s annual general meeting held in Abuja yesterday.
He attributed the growth to the bank’s “dedicated staff” working every day to provide “tangible solutions to real-world needs, delivering value to consumers, businesses, and governments.”
In line with UBA’s commitment to delivering returns to its shareholders, the bank declared and paid an interim dividend of N2:00 per share in the course of the 2024 financial year, and a final dividend of N3.00 per share, and total cumulative dividend of N5.00 for the year ended 31 December 2024.
Elumelu also explained why the bank was not going to the capital market to raise the recapitalisation funds at once.
“To me as a person, based on the decision we took in 2012, to spin off all other subsidiaries of UBA, instead of selling to a few of us.
“We decided to open it up to all existing shareholders of UBA, to fund the entities in pari passu in line with the decision.
“As some of you have said, all other institutions that were affected, sold, with incentive, with sharing.
“Similarly, when this capital raise was announced, UBA have been a very prudent financial group.
“And often times, when we declare profit, because we believe in reinvestment, that means long term investment, we don’t earn everything and share everything now.
“So, because of that philosophy we had, the retained earnings of the bank was growing, to the point that our paid-off share capital, N116 billion.
“Our reserves, shareholders’ fund, N3.3 trillion. That is over $2.2 billion, compared to the capital of $116 million. It is $160 million, compared to $2.2 billion.
If we were selfish, we would do public offering.
And if you do public offering, it means this is your sweat that’s generally taken care of ₦3.7 trillion. “So, we move from ₦116 billion to ₦500 billion, about $370 billion. So, we come in and own $3.3 trillion. So, we said, you know, let’s give the opportunity to existing shareholders.
“So, the investment you’re making, you’re sharing in the N3.3 trillion wealth that your investment has created. But if we sold it to new shareholders, N370 billion will not give them access to N3.3 trillion.
“So, we have decided there’s no rush, the Central Bank deadline is 2026. Why are we rushing? We have done the first one.
“We know that the capital market is depressed. The price does not reflect. Ideally, the true value of your shares should double like times 10, what it is today.
“You are getting dividend now. If we also do well in two weeks we will pay another dividend, then we open it in October, you can now use your dividend to buy. So, we keep the wealth amongst you shareholder, owners of shares.
“That is what we have done. Selfless position, selfless decision to create wealth for shareholders; this is what we have been doing,” he said.
