GMD Alawuba Tells Efforts Behind UBA’s Robust H1 2024 Performance
Oliver Alawuba, the Group Managing Director of United Bank for Africa (UBA Group), has listed “strong leadership, a dedicated team, supportive customers and a clear strategic direction” as responsible for the remarkable H1 2024 performance of the foremost financial institution.
He disclosed this on Wednesday, October 3, 2024, while briefing shareholders of the bank at “H1 2024 Financial Year Investors’ Conference”
Mr Alawuba maintained the Africa’s global bank – with extraordinary businessman, Tony Elumelu as Chairman – has continued to demonstrate resilience in spite of “High inflation, rising debt levels, increasing interest rates, and tighter monetary policies” afflicting economies across the world.
“Our strong leadership, a dedicated team, supportive customers and a clear strategic direction have enabled us to achieve sustained and profitable growth. We have remained focused on navigating these challenges while upholding the ideals of Enterprise, Excellence, and Execution (3 Es),” GMD Alawuba pointed out.
Providing details of the bank’s H1 2024 performance, Alawuba said, “We achieved a robust Profit Before Tax of N401.6 billion, reflecting our ability to manage risks effectively amidst macroeconomic volatility. Our 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.
“We saw 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. 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 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. Income from trade transactions grew 83% to N18 billion as we strengthened our role in facilitating intra-regional and international trade.”
