UBA’s annual profit rises 4.3% to N118.7bn, to pay shareholders N27bn final dividend

According to to the audit report, interest income leapfrogged to N474.3 billion in contrast to the N427.9 billion posted for 2020 just as fees and commission income of the tier 1 lender jumped by one-fourth to N158.6 billion.

The latter derived stimulus from earnings from electronic banking, which scaled up from N44.2 billion to N64.6 billion.

On the expenditure side, other operating expenses soared by 14.6 per cent to N163 billion because of a reasonable rise in UBA’s banking sector resolution cost including AMCON levy, moderating earnings.

Also weighing on earnings was a leap of as much as 90.1 per cent in income tax spending to N34.4 per cent from its 2020 level.

Gross 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.

Stanbic IBTC Nominees Nigeria Limited holds the biggest interest in UBA at 5.9 per cent equivalent to over 2 billion ordinary shares, with Tony Elumelu-backed Heirs Holdings ranking next with a 5.30 per cent stake. Elumelu, formerly the bank’s chief, now chairs its board.

Based on this performance the bank’s board  has approved  a final dividend of N0.80 for every ordinary share of 50 kobo, translating to a payout of N27.359 billion.

It 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.”

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 warrants 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.”