The Oasis Reporters
September 30, 2023
United Bank for Africa (UBA) Plc has declared an interim dividend payout for half year 2023, increasing it to 50 kobo per share, up from 20 kobo per share in the same period last year.
This is coming on the heels of the recorded triple – digit growth in the bottom line as the profit before tax (PBT) rose 371 percent to N404 billion from the N85.75 billion it recorded in the first half of 2022, making it an annualized Return on Average Equity of 57.7 percent, a gross improvement on the 17.1 percent it made a year ago, with Profit after Tax (PAT) going up by 437.8 percent to N378.24 billion.
There were strong contributions to group profit from its operations in 20 African countries, UBA America, UBA UK, UBA UAE, and UBA France which the bank describes as a demonstration of effectiveness of its global strategy and positioning as the financial intermediary for Africa and the rest of the world – thereby “delivering on the Tony Elumelu strategy”.
There was a noticeable upward swing of the bank’s total assets which has risen by 41.7 percent to N 15.38 trillion from the previous N10.86 trillion recorded at year end 2022.
UBA’s growth in its key performance indicators, having earned N278.11 billion in net interest income in H1 2023 — a 56.72 percent surge relative to the previous year’s N177.46 billion.
The bank rounded up the review period with 437.76 percent year-on-year growth in net profit, recording N378.23 billion profit-after-tax, in contrast to the N70.33 billion bottom line posted in H1 2022.
The financial institution said its shareholders’ funds also improved to N1.71 trillion, making it possible to afford an increase in interim dividends to stakeholders, which rose from N0.20 kobo per share distributed last year, to N0.50 kobo in H1 this year.
UBA added that customers also increased their deposits in the company to N11.14 trillion, marking a 42.4 percent growth from the N7.82 trillion in recorded in 2022.
In addition, amid the growth in the top line and bottom line, UBA said there was an uptick in its total assets which jumped to N15.38 trillion at the end of June 2023, rising from N10.85 trillion reported at the end of December 2022.