United Bank for Africa (UBA) Group has announced robust financial results for the first half of 2024, demonstrating resilience in the face of global economic headwinds. The pan-African financial institution reported significant growth across key metrics, underscoring its strategic focus on digital transformation and customer-centric services.
## Financial Highlights
– **Profit Before Tax**: N401.6 billion
– **Customer Deposits**: Grew by 34% to N23.2 trillion
– **Total Assets**: Increased by 37% to N28.3 trillion
– **Net Interest Income**: Expanded by 143% year-on-year to N675 billion
The bank’s digital banking income surged by 107.8% year-on-year to N106 billion, while income from trade transactions grew 83% to N18 billion.
## Strategic Initiatives
UBA Group’s performance is attributed to its focus on:
1. Balance sheet expansion
2. Transaction banking
3. Digital banking services
The bank has made significant investments in technology, innovation, and data analytics, positioning itself as a leader in digital transformation across Africa.
## Market Recognition
UBA’s achievements have been recognized with several awards, including:
– Global Finance’s Best Bank in Frontier Markets
– Best SME Bank in Africa
– Best SME Bank in Mozambique
– The African Banker’s Regional Bank of the Year for West Africa
## Outlook and Guidance
Despite challenges in the global economic environment, UBA Group has revised its full-year 2024 guidance upwards:
– Deposit Growth: 45% (up from 20%)
– Loan Growth: 40% (up from 20%)
– Return on Average Equity: 28% (down from 30%)
## Leadership Commentary
Oliver Alawuba, Group Managing Director/CEO of UBA Group, stated, “Our strong leadership, dedicated team, supportive customers, and clear strategic direction have enabled us to achieve sustained and profitable growth. We remain focused on executing our strategy and delivering value to our stakeholders.”
UBA Group’s performance in H1 2024 demonstrates its ability to navigate complex economic conditions while maintaining a strong growth trajectory. The bank’s continued focus on digital innovation and strategic partnerships positions it well for future success in the evolving African financial landscape.
