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United Bank for Africa (UBA) will emerge as the most profitable Nigerian bank by the end of 2024, according to Muyiwa Akinyemi, Deputy Managing Director, UBA Plc.
“UBA will become the top bank by profit from this year. There is nothing stopping us from being number-one,” Akinyemi told MoneyCentral in an interview at a Lagos media event to celebrate the bank’s 75th anniversary.
UBA was Nigeria’s third largest bank by profit as at the end of 2023 (see chart). Zenith Bank topped the profits chart with net income of N676.9 billion, followed by Access Bank with N619.32 billion and UBA at N607.69 billion.
The tier-one lender started 2024 on a stellar mode as it recorded the fastest profit growth in a decade. UBA’s net profit surged by 166.10 percent to N142.58 billion as at March 2024 from N53.58 billion as at March 2023.
Analysts at Chapel Hill Denham Limited say the plans to roll out a special financing initiative through the company’s 3-year partnership programme with Africa Continental Free Trade Area (AfCFTA) is business accretive.
The Group Managing Director of United Bank for Africa (UBA) Oliver Alawuba, said at the same event that N100 a share is possible for the bank stock.
UBA stock closed at N20.8 per share in Tuesday’s trading. The stock has returned -18.91% year-to-date, after a sell-off in financials.
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