News Highlights:
- UBA paid N171 billion in dividends for FY 2024, a 79% increase from the previous year, and achieved a 26% growth in profit after tax.
- Following a successful N239.4 billion rights issue, UBA plans another capital raise in Q3 2025 to meet the CBN’s N500 billion minimum capital requirement.
For the 2024 financial year, United Bank for Africa (UBA) paid a total dividend of N171 billion to shareholders, reflecting a 79% increase compared to the N95.8 billion paid for 2023.
At its 63rd Annual General Meeting (AGM) held on April 25, shareholders approved a final dividend of N3 per share. Combined with the earlier interim dividend of N2 per share, this brings the total dividend payout ratio for FY 2024 to 23%, up from 16% in FY 2023.
UBA reported a pre-tax profit of N803.7 billion for FY 2024, representing a 6% increase from N757.7 billion in FY 2023. Profit after tax grew even more significantly, rising 26% to N766.6 billion from N607.7 billion recorded the previous year.
Recognizing its strong performance, UBA has enhanced returns to shareholders and plans further growth initiatives.
After successfully raising N239.4 billion through a rights issue in 2024, the bank announced plans to conduct a second rights issue in the third quarter of 2025.
This move is aimed at meeting the Central Bank of Nigeria’s (CBN) new minimum capital requirement of N500 billion.
UBA Chairman Tony Elumelu confirmed during the AGM that the final capital raise is expected to be completed ahead of the CBN deadline.
In addition, UBA now boasts the highest dividend yield among Nigerian stocks, with a yield of 14.8%.
Group CEO Oliver Alawuba reassured shareholders of continued growth, stating, “What we can assure our shareholders today is that UBA will continue to pay more dividends.”
