Tony Elumelu Says UBA’s N3.2trn Revenue, N767bn Profit Reflection Of Long-Term Strategy
The chairman of United Bank for Africa (UBA), Tony Elumelu, has heartwarmingly reacted to the success the financial institution recorded in 2024.
Mr Elumelu spoke at the bank’s 65th Annual General Meeting (AGM) held at Transcorp Hotel, Abuja on Friday, April 25, 2025.
According to its 2024 financial results, the bank reported gross revenue of 3.2 trillion Naira and profit after tax of 767 billion naira.
Commenting on the heartwarming development, the respected banker dubbed the recorded feat a reflection of Africa’s Global bank’s “long-term strategy.”
“These very strong results reflect the execution of our long-term strategy, the hard work of our dedicated staff, providing tangible solutions to real needs and delivering value, innovation, and service to all, Mr Elumelu said.
He also disclosed that the robust and innovative approach employed by the bank and its management soared UBA’s deposits by 42% to N24.6 trillion from N17.4 trillion in the corresponding period of 2023.
“Our loan book expanded by 35% to 7.5 trillion, up from 5.5 trillion, demonstrating our commitment to fund growth and make our contribution to Nigeria and Africa’s economic transformation”, Mr Elumelu further remarked.
Tony Elumelu and Oliver Alawuba
He quickly added that the total assets and shareholders’ funds closing at 30.3 trillion and 3.4 trillion respectively were direct results of “a well-structured and diversified balance sheet.”
Mr Elumelu, in addition, touched on the bank’s preparedness to meet the Central Bank of Nigeria’s (CBN) new capital requirement of N500 billion by the third quarter of 2025, well ahead of the March 2026 deadline set by the apex bank.
His words: “With this success, our new capital is now N355.2 billion. The remaining 144.8 billion required to meet the regulatory threshold will be raised later this year, and the proceeds from the rights issue will be duly invested in additional technologies and Business Growth in Nigeria, across Africa and the globe. This will further strengthen our group’s seven decades of impressive performance.”
