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United Bank for Africa Plc (UBA), a pan-African financial services organization run by Nigerian businessman Tony Elumelu, has maintained its outstanding financial trajectory, with first-quarter profits for 2024 exceeding $100 million, solidifying its position among Africa’s most successful lenders.
UBA’s first-quarter profit increased by 166 percent year on year to N142.6 billion ($102.25 million), following a record-breaking performance of 257 percent to N607.7 billion ($468.8 million) in 2023.
The triple-digit profit increase is due to strong increases in both interest and non-interest income. The interest income increased from N191.9 billion ($137.6 million) in Q1 2023 to N440.76 billion ($316 million) in Q1 2024. Similarly, fees and commission income increased from N52.2 billion ($37.7 million) to N113.65 billion ($82 million) over the same time period.
UBA, a major player in Nigeria’s financial scene, with a broad presence in 24 countries across four continents, including vital markets such as the United Kingdom, the United States, France, and the United Arab Emirates.
Elumelu, who owns 7.39 percent of UBA, or 2,527,372,285 ordinary shares, is not just a significant investor on the Nigerian Exchange, but also one of Nigeria’s wealthiest individuals.
Under Elumelu’s leadership, UBA’s total comprehensive income for the period increased from N51.03 billion ($36.56 million) to N581.47 billion ($416.7 million). In 2023, the group’s total comprehensive income increased from N150.5 billion ($116.4 million) to N1.078 trillion ($832.4 million), building on its strong 2022 success.
The strong success extends to UBA’s balance sheet. The total assets climbed from N20.65 trillion ($14.8 billion) on December 31, 2023 to N25.37 trillion ($18.25 billion) on March 31, 2024. Retained earnings also exceeded N1 trillion, increasing from N919.87 billion ($660.6 million) to N1.055 trillion ($757.1 million).
