UBA shareholders have approved a final dividend of N3.00 per share for the 2024 financial year during the bank’s 63rd Annual General Meeting held in Abuja. Combined with the N2.00 per share interim dividend paid in October 2024, shareholders will receive a total dividend of N5.00 per share, representing a payout ratio of 26.6 percent.
During the meeting, shareholders also re-elected Mr. Tony Elumelu as chairman of the board of directors. Several shareholders praised the bank’s consistent growth, with some calling for increased dividends in the future.
In his remarks, Elumelu acknowledged the challenging economic environment in 2024 but highlighted the bank’s resilience: “Despite these challenges, we remained resilient and adaptive, leveraging our strategic initiatives to drive sustainable growth and operational excellence.”
The bank reported impressive financial results for 2024, with Profit Before Tax rising 6.1 percent to N803.72 billion and Profit After Tax increasing 26.14 percent to N766.6 billion compared to 2023. Gross earnings grew 53.6 percent to N3.19 trillion, while total assets rose 46.8 percent to N30.4 trillion. UBA’s shareholders’ funds also increased significantly, reaching N3.419 trillion in 2024 from N2.030 trillion in the previous year.
UBA’s Group Managing Director/CEO, Mr. Oliver Alawuba, attributed the strong performance to the bank’s focus on earnings growth, asset quality preservation, business expansion, and increased market share.
Seunmanuel Faleye is a brand and communications strategist. He is a covert writer and an overt creative head. He publishes Apple’s Bite International Magazine.