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UBA half year profit falls by 22%, declares N0.17 interim dividend



UBA half year profit falls by 22%, declares N0.17 interim dividend

United Bank for Africa (UBA) Tuesday announced its profit for half-year 2020 crumbled by 21.7% compared to the same period of 2019.

According to its Interim Consolidated and Separate Financial Statements for the Period Ended 30 June 2020, posted on the website of the Nigerian Stock Exchange (NSE), interest income rose marginally from N204.885 billion to N205.586 billion in the period under review.

Fees and commissions income similarly expanded, rising by 6.73% to N55.868 billion from N52.344 billion.

UBA’s profit before income tax slumped to N57.129 billion from N70.274 billion, translating to a 19.2% decrease.

Profit for the period came to N44.431, down from N56.739 billion, signalling a 21.7% contraction.

Earnings Per Share (EPS) declined by 23.5%, moving from N1.62 to N1.24.

Read also: UBA commits $14m to fighting covid-19 in Africa

With outstanding shares numbering around 34.200 billion, UBA’s price-to-earnings ratio is 2.59. Its EPS currently stands N2.53.

UBA, with the Tuesday announcement, was the first of Nigeria’s five most capitalised banks to declare its half-year 2020 financial results. Other big lenders like Guaranty Trust Bank and Zenith Bank informed the NSE and shareholders on Monday of delay in the publication of their results.

Meanwhile, the UBA board Wednesday morning declared an interim dividend of N0.17 per every ordinary share subject to applicable withholding tax.

Shareholders, whose names appear in the company’s register of members by 15th September, will be eligible for the cash reward. Payment is scheduled for 23rd September.

Shares in UBA opened trade on the floor of the NSE at N6.55 per share.

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