MONDAYBUSINESS UBA pretax profit up 32.3%, offers investors 55k

Africa’s global lender, the United Bank for Africa Plc (UBA) on Friday announced its pretax profit for the period ended December 31, 2016 which climbed up 32.3 percent to N90.6 billion from N68.4 billion recorded a year ago.

Similarly, profit after tax (PAT) grew 22.03 percent to N72.3 billion from N59.6 billion declared the same period of 2015.

Gross earnings of the bank increased from N314.8 billion in 2015 end to N383.6 billion in the review period of 2016; representing an increase of 22 percent, UBA said in a filing with the Nigerian Stock Exchange (NSE).

The lender declared a final dividend of 55 kobo (20 kobo interim) which amounts to a total dividend of 75 kobo per share.

UBA says the closure date is April 3, 2017, while the Annual General Meeting (AGM) and proposed payment date has been scheduled for April 7 and April 10, 2017 respectively.

“These dividends are paid from the retained earnings account as at 31 December, 2016. This is subject to approval by shareholders at the next Annual General Meeting. The proposed dividend is subject to withholding tax at the appropriate tax rate,” according to the Consolidated and Separate Financial Statements for the year ended 31 December 2016.

Shares of UBA at the close of the trading session on the Nigerian equities market declined 0.19 percent to N5.39 from N5.40; losing 0.01 kobo per share.