The group Managing Director/CEO UBA group, Oliver Alawuba has announced that the group’s partnership with Telecommunications companies has reached over $1b. Alawuba made this disclosure at the group’s audited H12024 results Investors Conference during the week. He stated that despite the global economic problems, the Group partnerships has enabled them to deliver impactful solutions such as micro-lending and savings products, enhancing financial inclusion.
Alawuba also highlighted during the conference the strategy UBA adopted in ensuring that the group have strong financial performance
“Strategic partnerships remain central to our growth strategy. In 2024, UBA was one of six banks to sign a Memorandum of Understanding with the Pan-African Payment Settlement System (PAPSS), enhancing cross-border trade and financial integration across Africa. We successfully deployed instant payment systems in five African countries, with more to follow.”
According to Alawuba, UBA’s strong leadership, dedicated team, supportive customers and a clear strategic direction have enabled the group to achieve sustained and profitable growth.
By mid 2024, UBA Group delivered strong double-digit growth across high-quality and sustainable revenue streams. This performance reflects their disciplined execution of strategic goals, focusing on balance sheet expansion, transaction banking, and digital banking businesses across our markets.
While breaking down the bank’s financial performance, Alawuba noted that UBA recorded strong growth across all key metrics.
The group’s Profit before Tax increased to a robust N401.6 billion, reflecting the Bank’s ability to manage risks effectively amidst macroeconomic volatility.Customer deposits also grew by 34%, from N17.4 trillion at year-end 2023 to N23.2 trillion in H1 2024,demonstrating the trust and loyalty of uts customers. There was 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 ability to capitalize on opportunities across geographies. Digital Banking income surged by 107.8% YoY to N106 billion, while funds transfer and remittance fees rose 188.7% and 228%, respectively.Income from trade transactions grew 83% to N18 billion as we strengthened our role in facilitating intra-regional and international trade.
The achievements of the group ave been recognized through multiple awards, including:
Global Finance’s Best Bank in Frontier Markets, and Best SME Bank in Africa.
Alawuba in his closing remarks disclosed that
successes recorded in H1 2024 were made possible by the dedication of staffs , customers, the regulators, and the confidence of the shareholders. According to him , the group remain committed to achieving even greater milestones with continued support
