Home Business UBA Nets N60billion Profit, Pays Additional 40K Dividend

UBA Nets N60billion Profit, Pays Additional 40K Dividend

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United Bank for Africa Plc (UBA) has announced its Pre-tax profit for the period ended December 31, 2015, which climbed up 21.8 percent to N68.45 billion from N56.20 billion recorded a year ago.
Similarly, Profit After Tax (PAT) grew 24.5 percent to N59.65 billion from N47.90 billion declared the same period of 2014.
Also, Gross earnings of Africa’s global bank increased from N286.62 billion in 2014 end to N314.83 billion in the review period of 2015; indicating an increase of 9.8 percent, UBA said in a filing with the Nigerian Stock Exchange (NSE).
The lender declared a final dividend of 40 kobo (20 kobo interim) with the closure date running from March 30, 2016 to April 5, 2016, whilst the proposed payment date is April 12, 2016.
Cordros update reported that interest income increased by 19.0 percent year-on-year (y/y), after a flattish fourth quarter 2015 whilst interest expense was contained, increasing by 6.1 percent y/y and grew 2.9 percent quarter-on-quarter (q/q). Therefore, net interest income grew by a robust 30.0 percent y/y.
Also, Cordros said loan loss expense increased by 58.7 percent y/y, but surprisingly fell q/q after recoveries, mainly from the bank’s rest of Africa operations 60 percent to 70 percent, surpassed impairments made in the fourth quarter of 2015, while operating expense climbed   by 5.4 percent y/y.
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