Photo caption: UBA logo
By Charles Okonji
Irrespective of prevalent economic crisis, the United Bank for Africa (UBA) has achieved a robust Profit Before Tax of N401.6 billion, which reflects the company’s ability to manage risks effectively amidst macroeconomic volatility.
In his presentation, at the Investors Conference Strategic Review and Outlook in Lagos, the Group Managing Director, Oliver Alawuba, noted that customer deposits deposits grew by 34%, from N17.4 trillion at year-end 2023 to N23.2 trillion in H1 2024, demonstrating the trust and loyalty of our customers.
According to him; “In H1 2024, UBA Group delivered strong double-digit growth across high-quality and sustainable revenue streams. This performance reflects our disciplined execution of strategic goals, focusing on balance sheet expansion, transaction banking, and digital banking businesses across our markets.”
He pointed out that UBA recorded a 37% growth in total assets, reaching N28.3 trillion, up from N20.7 trillion at FYE 2023. This growth was driven by strong customer relationships and our ability to capitalize on opportunities across geographies.
“Net Interest Income: Our intermediation business posted impressive growth, with net interest income expanding by 143% year-on-year to N675 billion, further underlining the strength of our core banking operations.
“Digital Banking & Payments: Digital Banking income surged by 107.8% YoY to N106 billion, while funds transfer and remittance fees rose 188.7% and 228%, respectively. We continue to lead in digital banking and payment solutions, helping drive financial inclusion across Africa.
“Trade Facilitation: Income from trade transactions grew 83% to N18 billion as we strengthened our role in facilitating intra-regional and international trade.”
Sitting the company’s growth strategy, Alawuba stressed that investing in technology, innovation, and data analysis continues to yield significant returns, positioning UBA as a leader in digital transformation.
“Our achievements have been recognized through multiple awards, including: Global Finance’s Best Bank in Frontier Markets, Best SME Bank in Africa, Best SME Bank in Mozambique, The African Banker’s Regional Bank of the Year for West Africa. These accolades reflect our commitment to excellence and delivering sustainable growth across our markets.
“We will continue to invest in building a better bank through improvements in People, Processes, and Technology:
“People: We recognize that our people are our greatest asset. In 2024, we promoted over 2,000 employees and paid the 2023 bonus to eligible staff across Nigeria and UBA Africa (ex-Nigeria).
“Process Improvements: Our smart automation initiatives are simplifying service delivery. For instance, our website now offers self-service options for BVN and NIN linkage, account updates, card blocking, and more. Additionally, a comprehensive review of our procurement processes has led to significant cost optimization.
“Technology Investments: Our ongoing investments in technology are enabling us to deliver superior customer experiences, drive operational efficiency, and unlock new growth opportunities,” he averred.
