(Business in Cameroon) – Cameroon has officially taken the lead among all subsidiaries of the United Bank for Africa (UBA) group in terms of net profit. In 2024, UBA Cameroon posted a net profit of 64.4 billion naira, or about CFA26.3 billion ($43 million), according to the group’s audited annual report.
This puts UBA Cameroon ahead of the Ivorian branch, which came in second with a net profit of 55.6 billion naira. It also marks a 51% increase compared to 2023, when the bank reported CFA16.2 billion in net profit. While part of the rise reflects the weaker naira—down 6.7% against the Central African CFA franc—the numbers also point to strong growth in the bank’s core activities.
Net banking income (the equivalent of revenue) tripled from CFA37 billion in 2023 to nearly CFA96.7 billion in 2024. This boost came largely from increased investment in debt securities, mostly government bonds, which grew by 36.3% to reach CFA403 billion. These now make up over half (53.08%) of UBA Cameroon’s total assets—a level the IMF considers risky.
Still, the bank appears to be rebalancing. Loans to private-sector clients jumped 47.3% in 2024. But with a narrow lending market, the risk of over-concentration remains.
Another area to watch is the bank’s shrinking cash flow from operations. UBA Cameroon generated about CFA118 billion in 2024, down from CFA190 billion the year before.
Despite these challenges, Cameroon is now a key pillar of UBA’s pan-African operations—outperforming even the group’s home market in Nigeria when it comes to profit contribution.
