Business

UBA declares N29.1bn dividend as profit rises to N105b

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.

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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.

 

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