UBA’s 2021 annual profit rises 4.3% to N118.7 billion; to pay shareholders N27 billion.

06 Mar UBA’s 2021 annual profit rises 4.3% to N118.7 billion; to pay shareholders N27 billion.

United Bank for Africa grew its annual profit 4.3 per cent in 2021 financial year, according to its audited financial report published by the Nigerian Exchange Limited on Friday.

Interest income expanded to N474.3 billion in contrast to the N427.9 billion posted for 2021 just as fees and commission income of the tier 1 lender jumped by one-fourth to N158.6 billion.

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

On the expenditure, 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 heavy 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.

Pre-tax 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.

The bank also announced a final dividend of N0.80 for every ordinary share of 50 kobo, translating to a payout of N27.359 billion, the bank said in a note to the Nigerian Exchange Limited on Friday.

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.