UBA H1 profit before tax declines 19%, declares dividends
By Samuel Bankole
United Bank for Africa (UBA) Profit Before Tax (PBT) declined 18.7 percent to N57.13 billion at the end of the first six months of 2020 compared with N70.27 billion recorded in the corresponding period of last year.
In a regulatory filing on its half-year financial statements, the lender said its gross earnings, however, rose marginally by 2.2 percent to N300.26 billion against N293.69 billion in the first six months of last year.
The bank interest income also increased marginally by 0.3 percent to N205.58 billion compared with N204.88 billion in the same period last year.
UBA also increased its deposit level by 30.3 percent to N5.34 billion in the period compared with N4.09 billion in the previous period of last year.
Total loans and advances rose to N2.25 billion compared with N2.17 billion in the previous period of last year, the bank said in its filing.
Shareholders are to received dividends payout of 0.17 naira on each shareholding from the profit of the bank for the half year, the statement showed.
The United Bank for Africa (UBA) was among banks that wrote to the Nigerian Stock Exchange (NSE) last week that its experiencing delay in the approval of its half year financial reports from the Central Bank of Nigeria (CBN), noting that it expected to submit the report to the Exchange not later than the end of September.
Stanbic IBTC, Fidelity Bank, Access Bank and Zenith also wrote to the NSE to indicate the delay in filing their financial reports withi the regulatory time limit and express hope the report will be ready before the end of September.
However, UBA was able to get its financial statement and accounts approved by the regulatory bank ahead of the September 28, it had indicated in its earlier communication with the NSE.#GFD