For FY 2024, UBA paid out N171 billion as total dividends to its shareholders, representing a 79 per cent increase from the N95.8 billion paid for 2023.
During its 63rd Annual General Meeting held on April 25, UBA shareholders approved the proposed N3 per share final dividend. Combined with the N2 interim dividend, it represents a 23 per cent total dividend payout ratio for FY 2024. For FY 2023, the group had a total dividend payout ratio of 16 per cent.
UBA posted a pre-tax profit of N803.7 billion for FY 2024, marking a 6 per cent growth from the N757.7 billion recorded for FY 2023. In terms of profit after tax, it was a 26 per cent growth to N766.6 billion from N607.7 billion as of FY 2023. As part of the rewards for its stellar performance in 2024, UBA has improved its return to shareholders even as it looks to carry out a second rights issue in 2025.
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After raising N239.4 billion through a rights issue in 2024, the bank plans another rights issue in Q3 2025 to complete the N500 billion minimum capital requirement. Tony Elumelu, UBA’s Chairman, speaking during the group’s AGM, noted, “The final capital raise is expected to be completed in Q3 2025, well ahead of the CBN deadline.”
In terms of dividend yield, UBA has the highest among Nigerian stocks, with a 14.8 per cent dividend yield. The Group CEO, Oliver Alawuba, noted that the bank will continue to increase its return to shareholders, saying, “What we can assure our shareholders today is that UBA will continue to pay more dividends.”
