UBA grows profit by 4.3% to N118.7bn, shareholders to get N27bn

UBA redeems USD500 million 5-year Eurobond

United Bank for Africa (UBA), a leading pan African bank, recorded 4.3 percent growth in profit to N118 billion for the financial year 2021.

According to its audited financial report published on the Nigerian Exchange Limited on Friday.

The bank’s Interest income increased to N474.3 billion from the N427.9 billion posted for 2020, even as fees and commission income jumped by one-fourth to N158.6 billion.

This came on the back of earnings from earnings from electronic banking, which scaled up from N44.2 billion to N64.6 billion.

On the expenditure side, other operating expenses rose by 14.6 per cent to N163 billion, even as the bank saw a 90.1 per cent rise in income tax spending to N34.4 per cent from its 2020 level.

Pre-tax profit stood at N153.1 billion compared with the N131.9 billion posted a year earlier, while profit after tax enlarged by 4.3 per cent to N118.7 billion.

Meanwhile, UBA had announced a final dividend of N0.80 for every ordinary share of 50 kobo, translating to a payout of N27.359 billion.

The bank which disclosed this in a note to the Nigerian Exchange Limited on Friday, said the dividend is “subject to applicable withholding tax, will be paid to shareholders whose names appear in the register of members at the close of business on Friday, March 18, 2022.”

According to the note, the register of members will be closed on March 21 to enable the registrar prepare for payment of the final dividend on April 7.

The dividend will be paid to shareholders who have completed the e-dividend registration and mandated the registrar to pay their dividend directly into their bank accounts.

It advised shareholders who are yet to complete the e-dividend registration to download the registrar’s e-dividend mandate form.

It also advised shareholders to update the records with the registrar as may be required.

“The Shareholder Data Form is also available on the Registrar’s website. Duly completed forms should be returned to the Registrar or any Branch,” it said.

“Shareholders with dividend warants and share certificates that have remained unclaimed or are yet to be presented for payment or returned for validation as advised to complete the dividend registration or contact the Registrar.”