The United Bank for Africa (UBA) delivered another very strong year in 2024, generating a gross revenue of N3.19 trillion and a profit after tax of N767 billion.

The Chairman of the global bank, Tony Elumelu, who disclosed this in Abuja at the 2024 annual report and accounts of the bank, added that the banking giant sustained its deposit mobilization efforts, growing total deposits by 42 per cent to N24.65 trillion from N17.36 trillion in the corresponding period of 2023.

The UBA group maintained a well-structured and diversified balance sheet as total assets and shareholders’ funds closed at N30.32 trillion and N3.42 trillion, respectively.

The bank also declared N5 per share in the 2024 financial year.

Elumelu added: “In line with our commitment to delivering superior returns to our highly esteemed shareholders, we declared and paid an interim dividend of N2 per share in the course of the 2024 financial year. We hereby propose a final dividend of N3.00 per share. If approved, the cumulative dividend for the year ended 31 December 2024 will total N5.00 per share.”

On the efforts the bank is making to fully recapitalise in line with the Central Bank’s directive, Elumelu explained: “In line with this directive, UBA commenced its capital raising activities with its first rights issue in November 2024. The rights issue closed in December 2024 with 684 billion ordinary shares of 50 kobo each offered to existing shareholders at N35 per share.

“This was oversubscribed by N11.6 billion (4.8%) and the entire amount of N251.0 billion has been verified and approved by the Central Bank of Nigeria (CBN). The final capital raise is expected to be completed in Q3 2025, well ahead of the CBN deadline.

“Proceeds from the Rights Issue will be utilised to invest in additional digital technologies and business expansions that will strengthen the bank’s seven and a half decades of impressive performance.”

The Board of the bank welcomed Emmanuel Nnorom and Henrietta Ugboh as Non-Executive Directors, while Chukwuma Nweke joined as Group Deputy Managing Director in 2024.

Elumelu declared that UBA believes that an inclusive, healthy, and rewarding workplace is essential for the success of the entire bank.

He submitted that supporting financial inclusion and economic empowerment plays a critical role in reducing inequality, increasing income, talent, innovation, and customer-centric and improving overall well-being.

He further explained that UBA’s strategy is designed to ensure that UBA is an organization where every employee feels a true sense of belonging.

The chairman said, “In line with this commitment, we have made significant progress in fostering diversity and inclusion. In 2024, we increased the proportion of female employees to 48 per cent, up from 44 per cent in 2023. We also raised our investment in capacity-building programmes for female employees and maintained a well-diversified workforce across four continents and 24 countries.”

According to him, in 2024, 398 UBA trainees graduated from the Graduate Management Acceleration Programme (GMAP), bringing the total number of active trainees to 1,153 across four cohorts, adding that the programme has strengthened UBA’s leadership pipeline across multiple locations.