UBA building in Lagos | File Image
By Valentine Amanze
UBA Group has declared a Profit Before Tax of N401.6 billion in its H1 2024 result despite inclement operating environment.
The Group Managing Director/ Chief Executive Officer, Mr. Oliver Alawuba, announced the result at the H1 2024 Financial Year Investors’ Conference in Lagos, recently.
He said that the result reflected the group’s ability to manage risks effectively amidst macroeconomic volatility.
Alawuba further disclosed that the group’s deposits grew by 34 per cent, from N17.4 trillion at year-end 2023 to N23.2 trillion in H1 2024, demonstrating the trust and loyalty of customers.
“We saw a 37 per cent 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.
“Our intermediation business posted impressive growth, with net interest income expanding by 143 per cent year-on-year to N675 billion, further underlining the strength of our core banking operations,” he said.
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On digital services, the bank chief said that the group’s Digital Banking income surged by 107.8% YoY to N106 billion, while funds transfer and remittance fees rose 188.7 per cent and 228 per cent, respectively.
Besides, he assured: “We continue to lead in digital banking and payment solutions, helping drive financial inclusion across Africa.”
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