UBA 2018 Profits Grow Marginally, To Pay 0.65 Naira Dividend
By Olumidagreaton March 18, 2019
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Nigeria’s United Bank for Africa (UBA) gross earnings rose 7 percent to 494 billion naira at the end of last financial year compared with 461.6 billion naira posted in the previous year, the bank said in a statement to the local bourse.
The bank’s directors are proposing a final dividend of 0.65 naira per share, having paid an interim 0.25 percent last year to shareholders. Shareholders would have received 0.85 naira per each share held at the end of last financial year.
UBA, which operates in many African countries recently open its United Kingdom franchise also grew its assets by 19.7 percent to 4.9 trillion naira in the period under review.
Its profit before tax rose 2.4 percent to 106.8 billion naira compared with 104.2 billion naira in the previous year.
Profit After Tax rose by 1.4 per cent to 78.6 billion naira against 77.5 billion naira posted in 2017.
Kennedy Uzoka, the bank’s chief executive officer said in relative to the weak economic growth in Africa, its 2018 financials was positive.
Uzoka said the bank’s performance would be stronger in the years ahead and shareholders would enjoy even greater dividends, as the Group is well-positioned to take advantage of imminent fiscal reforms across many economies in Africa, a positive outlook which should stimulate new opportunities in infrastructure, manufacturing, agriculture and resource sectors.