United Bank for Africa said it has submitted an application to the recapitalisation (SEC) on its recapitalisation plans with approval expected soon.
Oliver Alawuba, group managing director/CEO, UBA said this during the bank’s investors conference call on its H1 2024 results.
In his presentation, he noted that the bank’s total assets grew by 37 percent to a tune of N28.3 trillion, up from N20.7 trillion at the financial year ending 2023.
“We enter the second half of 2024 from a position of strength. Execution will remain our driving force as we focus on market leadership and delivering excellent customer experiences at every touchpoint,” he stated.
Read also: H1 ’24: UBA declares N2 interim dividend as earnings hit N1.37 trillion
“This growth was driven by strong customer relationships and our ability to capitalize on opportunities across geographies,” Oliver Alawuba, group managing director/CEO said.
He further stated that customers’ deposits grew by 34 percent, from N17.4 trillion at year-end 2023 to N23.2 trillion in the first half of 2024.
Meanwhile, the digital banking income rose by 107.8 percent year-on-year to N106 billion, while funds transfer and remittance fees rose 188.7 percent and 228 percent. Income from trade transactions also grew by 83 percent to N18 billion.
Alawuba also stated that the bank was one of the six banks to sign a memorandum of understanding with the Pan-African Payment Settlement System (PAPSS), to enhance cross-border trade and have deployed payment systems to African countries in the first half of 2024.
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