UBA Grows Profit by 1.3% to N78.6bn, to Pay 65 kobo Dividend

By Modupe Gbadeyanka

United Bank for Africa (UBA) Plc has released its much anticipated audited financial statements for the year ended December 31, 2018.

A brief analysis of the results by Business Post showed no too much surprises as the profit after tax slightly increased by 1.3 percent to N78.6 billion from N77.6 billion posted in the FY 2017.

This was slightly affected by the rise in the income tax paid by the financial institution in the year under consideration; N28.2 billion versus N26.7 billion in FY 2017). The profit before tax stood at N106.8 billion as at December 31, 2018 against N104.2 billion as at December 31, 2017.

For the interest income, this increased to N362.9 billion from N325.7 billion, just as the interest expense also increased to N157.3 billion from N118 billion.

Fees and commission income generated in the year under review stood at N94 billion versus N82.9 billion, while the net trading and foreign exchange income dropped to N31.7 billion from N49.1 billion.

Business Post reports that the earnings per share (EPS) of UBA stood at N2.20k against N2.19k a year earlier.

The board said in the financial statements that pursuant to the powers vested in it by the provisions of section 379 of the Companies and Allied Matters Act (CAMA) of Nigeria, it is proposing a final dividend of 65 kobo per share, the same amount recommended in the 2017 fiscal year. The dividend, according to the board, is from the retained earnings account as at December 31, 2018.

It said this proposed final dividend and the 20 kobo per share interim dividend paid in September 2018 will be presented to shareholders for approval at the next Annual General Meeting (AGM).

The dividend would be paid to shareholders whose names appear in the register of members as at the close of business on Tuesday, April 2, 2019, while payment would be made electronically on Tuesday, April 23, 2019.