United Bank for Africa (UBA) DRC, the Congolese subsidiary of the eponymous Lagos-based bank,  posted a net profit of 21 billion naira ($13.6 million) in 2024, up from 4.3 billion naira ($4.3 million) in 2023. According to our sources, the Congolese branch contributed five times more to the group’s profit between 2023 and 2024.

This remarkable growth was driven by a sharp rise in operating income, which soared to 22.8 billion naira, up from 4.3 billion naira the previous year. UBA RDC expanded its traditional lending activities while aggressively entering the debt securities market, investing approximately $76.7 million in this segment last year.

The subsidiary’s performance also benefited from macroeconomic factors, particularly the depreciation of the naira against the U.S. dollar, as nearly 91% of banking assets in the DRC are dollar-denominated. Adjusted for exchange rate fluctuations, UBA RDC’s profit growth remains impressive at 216%, underscoring its operational efficiency despite currency volatility.

While UBA DRC has emerged as an important growth driver for the Nigerian banking giant, it is not yet among the group’s most strategic subsidiaries. Countries like Cameroon, Côte d’Ivoire, Mozambique, Senegal, and Congo Brazzaville contribute more to UBA’s overall profits. Moreover, UBA RDC remains a relatively small player in the Congolese banking sector, prompting the bank to launch an ambitious five-year strategic plan (2024–2028) to scale its operations.

The plan includes expanding its branch network from three locations in 2024 to 21 by 2028 and increasing ATMs across key regions. It also targets mobilizing $1.8 billion in deposits by the end of the period—up from $269 million in 2023—positioning UBA RDC for long-term growth. As part of this strategy, the bank recently opened a new branch in Matadi, focusing on import-export activities that have proven successful in other markets like Cameroon.

Georges Auréole Bamba