UBA posts N78.59bn profit

Despite Nigeria’s harsh operating environment, United Bank for Africa (UBA) Plc recorded a profit of N78.590 billion for the financial year ended December 31, 2017will. This represents an increase of N6.326 billion or 8.75 per cent compared with N72.264 billion achieved in the preceding year.
The Bank’s profit before tax also grew by N14.622 billion or 16.13 per cent to N105.264 billion against N90.642 billion recorded in the comparative period of 2016. Total comprehensive income stood at N27.769 billion from N65.886 billion while total comprehensive income declined to N106.359 billion from N138.150 billion in 2016.
Analysis of the bank’s result showed that income on interest rose to N325.657 billion from N263.970 billion in the previous year, interest expenses stood at (N118.025 billion) from (N98.770 billion) achieved in the preceding year while net interest income grew to N207.632 billion from N165.200 billion reported the same period of 2016.
Impairment loss on loans and receivables went to N32.895 billion from N27.683 billion in 2016 financial year. Fees and commission surged to N82.937 billion from N73.199 billion in 2016. The net trading and foreign exchange income went up to N49.820 billion, total assets rose to N4.069 trillion from N3.504 trillion in 2016 while total liabilities increased to N3.540 trillion against N3.056 trillion reported in comparable period of the previous year. Deposit from customer was N2.733 trillion from N2.485 trillion while deposits from banks went to N134.269 billion from N109.080 billion in 2016.
The Bank said its register for members will be closed on April 10, 2018 to enable the registrar prepare for the of the dividend. The board approved final dividend of N0.65 kobo per share of 50 kobo held by investors against N0.55 kobo paid in 2016 from retained earnings account as at December 31, 2017.
The board said that the proposed final dividend and the N0.20 kobo per share interim dividend paid on September last year will bring total dividend for the year to N0.85 kobo. The Bank also advised shareholders to update their records, open bank account for the purpose of dividend , stressing that warrants have remained unclaimed or are yet to be presented for returned for validation, this resulting in unclaimed dividends.


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