UBA makes profit 9% YoY
By Jeph Ajobaju, Chief Copy Editor
United Bank for Africa (UBA) raised profit 8.72 per cent year-on-year (YoY) to N118.68 billion in full year 2021 (FY 2021), gleaned from its financial result filed with the Nigerian Stock Exchange (NSE).
Earnings per share notched N3.39 or 9.35 per cent growth over N3.10 FY 2020. The bank has almost doubled its profit in six years since hitting N60 billion in 2015 with profit now about N119 billion.
Interest income grew 10.84 per cent to N474.26 billion from N427.86 billion in FY 2020 – on the back of all margin growth, as income from interest and fees and commission income all appreciated year on year.
Breakdown
The financial result shows the figures for FY 2021 as follows:
- Net interest income – N316.71 billion. Up 22.06 per cent on N259.47 billion in FY 2020
- Net interest after impairments – N303.85 billion. Up 30.71 per cent after a 56 per cent drop in loan losses.
- Income from commission – N158 billion. Up 24.98 per cent
- Net trading income – N16.39 billion. Down 70 per cent
- E-banking income – N64.60 billion. Up 46 per cent spike from N44.25 billion
- Customer deposits – N6.37 trillion. Up 12.21 per cent
- Total assets – N8.54 trillion
- Net assets – N805 billion. Up 11.85 per cent
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Dividend per share
Nairametrics reports that UBA Group Directors have proposed a final dividend per share of N0.80 per share, paid from retained earnings account as of December 2021.
The company had earlier paid an interim dividend of N0.20 kobo in September 2021, bringing the total for FY 2021 to N1.00 kobo.
The proposed dividend will be presented to shareholders for approval at the next Annual General Meeting (AGM) and paid subject to withholding tax at an appropriate rate.
Based on its current share price, the dividend yield of UBA is about 1
