Business
UBA declares N29.1bn dividend as profit rises to N105b
The board of directors of United Bank for Africa (UBA) Plc has recommended distribution of N29.1 billion to shareholders as cash dividend for the 2017 business year.
The dividend was part of the highlights of the audited report and accounts of the bank released at the weekend.
Shareholders will receive a final dividend per share of 65 kobo, in addition to an interim dividend of 20 kobo earlier paid, bringing total dividend per share for the 2017 business year to 85 kobo per share.
Read also: Teleology unveils expansion plan as it pays non-refundable $50m deposit for 9mobile
The audited report and accounts of UBA for the year ended December 31, 2017 showed that gross earnings rose by 20 per cent while profit before tax and profit after tax increased by 16 per cent and 8.8 per cent respectively. Gross earnings rose to N462 billion in 2017 as against N314 billion in 2016. Profit before tax improved from N90.6 billion in 2016 to N105 billion in 2017 while profit after tax rose from N72.3 billion in 2016 to N78.6 billion in 2017.
The report showed considerable improvements in the balance sheet position of the bank. Total assets increased to N4.07 trillion in 2017, 16.1 per cent increase on N3.50 trillion recorded in 2016. Net loans rose by 9.7 per cent growth at N1.65 trillion, while the customer deposits grew to N2.73 trillion, representing 10 per cent increase on N2.49 trillion recorded in 2016. Shareholders’ fund also increased by 18.2 per cent to N529.4 billion in 2017.
Segmental analysis showed increasing spread and profitability of the bank’s pan-African subsidiaries. The bank’s subsidiaries outside Nigeria contributed a third of the group’s gross earnings and 45 per cent of the profit for the year, an improvement from 31 per cent contribution made by the non-Nigeria subsidiaries in 2016. UBA has set a target of 50 per cent contribution for the non-Nigeria subsidiaries by 2020.
RipplesNigeria… without borders, without fears
Click here to join the Ripples Nigeria WhatsApp group for latest updates.
Join the conversation
Support Ripples Nigeria, hold up solutions journalism
Balanced, fearless journalism driven by data comes at huge financial costs.
As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.
If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.
Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.
INVESTIGATION: In Kwara, multimillion-naira milk processing plant is abandoned, converted to a chicken outlet
After the government spent millions of naira to establish a milk processing plant in Kwara State that would provided jobs...
SPECIAL REPORT: For Sokoto communities, promise of healthcare is akin to death sentence
In this story, ABDULRASHEED HAMMAD delves into the dire realities of Primary Health Care services in Sokoto State, shedding light...
ICYMI…SPECIAL REPORT: NNPCL hides behind PIA to frustrate disclosure, accountability
Nigeria’s major oil company, Nigerian National Petroleum Corporation Limited (NNPCL), in what appears to be a common practice of disregard...
INVESTIGATION: Multi-million naira Ekiti resort center remains uncompleted a decade after
The multimillion-naira project, expected to comprise recreational buildings, now consists of cassava farmland, a bush used for excretion, and a...
SPECIAL REPORT: Torturous experiences of students with disabilities in Oyo tertiary institutions
For students with disabilities in Oyo state-owned tertiary institutions, learning is a torturous and distressing experience, considering the building structures...