Africa’s Global Bank, United Bank for Africa (UBA) Plc, has announced its audited financial results for the half-year ended June 30, 2024, showcasing significant growth across several key financial indicators.

The results, released to the Nigerian Exchange Limited (NGX) on Monday, revealed a 39.6% increase in gross earnings, rising from $1.27 billion (N981.77 billion) in June 2023 to $1.78 billion (N1.371 trillion) in June 2024.

This growth was achieved despite the difficult global macroeconomic environment and geopolitical challenges across Africa, where the bank has subsidiaries.

Interest income surged by 134.3%, from $556 million (N428.2 billion) in June 2023 to $1.3 billion (N1.003 trillion) this year.

UBA’s total assets also saw a 37.2% rise, growing from $26.75 billion (N20.6 trillion) in December 2023 to $36.75 billion (N28.3 trillion) in June 2024.

Customer deposits increased by 33.7%, from $22.47 billion (N17.3 trillion) at the end of 2023 to $30.13 billion (N23.2 trillion) in June 2024.

However, profit before tax (PBT) remained stable, closing at $522.1 million (N402 billion) in June 2024, compared to $523.4 million (N403 billion) in June 2023.

Profit after tax (PAT) saw a slight dip, from $491 million (N378 billion) last year to $410 million (N316 billion) in the current period.

Despite this, UBA’s shareholders’ funds increased by 47%, rising from $2.64 billion (N2.03 trillion) in December 2023 to $3.88 billion (N2.99 trillion) by mid-2024.

Reflecting the bank’s continued commitment to shareholder returns, UBA’s Board of Directors declared an interim dividend of $0.003 (N2.00) per share, a substantial increase from the $0.00065 (N0.50) declared in the same period of 2023.

UBA Group Managing Director/CEO, Oliver Alawuba, commented on the results, saying, “UBA Group has continued to deliver strong double-digit growth in high-quality and sustainable banking revenue streams, driven by focused growth in balance sheet, transaction, and digital banking businesses across geographies in line with our strategic goals.”

He added, “The Group’s performance has been buoyed by consistently strong growth in all core and sustainable banking income lines. Our intermediation business showed strong growth with net interest income expanding by 143% YoY to $876.6 million (N675 billion).”

Alawuba further emphasised the bank’s focus on technology and innovation: “As the Group intensifies its customer acquisition drive, we are making significant investments in technology, data analytics, product research, and innovation to enhance our value proposition and customer experience.”

Executive Director of Finance & Risk, Ugo Nwaghodoh, praised the bank’s operational efficiency, noting that the cost-to-income ratio had stabilized around 50%.

“Our cost optimisation provides scope for further moderation, as we explore options to drastically reduce foreign currency-denominated cost components, implement robotic automation, and apply artificial intelligence to our operations,” he said.

Nwaghodoh also highlighted UBA’s progress in strengthening its capital base to support long-term aspirations, while aligning with regulatory requirements in Nigeria and other regions.

United Bank for Africa Plc continues to be a leading Pan-African financial institution, serving over 35 million customers through 1,000 business offices and touchpoints in 20 African countries.

With an international presence in New York, London, Paris, and Dubai, UBA connects people and businesses across Africa through its retail, commercial, and corporate banking services.