UBA posts N132b profit as gross earnings hit N600b
United Bank for Africa Plc has announced its audited results for the year ended December 31, 2020, recording impressive growth across its top and bottom lines.
According to the audited financials filed at the Nigerian Stock Exchange (NSE) yesterday, the bank’s gross earnings grew by 10.8 per cent to N620.4 billion, compared t the N559.8 billion recorded in the corresponding period tof last year.
The bank’s total assets also grew by 37 per cent to N7.7 trillion fduring the period. Despite the challenging business environment, the bank’s profit before tax (PBT) rose to N131.9 billion, from N111.3 billion recorded the previous year. The profit after tax (PAT) also rose by 27.7 per cent to N113.8 billion compared to N89.1 billion recorded in 2019.
Operating expenses, however, also grew by 10.1 percent to N249.8 billion, as against N217.2 billion posted in 2019.
The bank has proposed a final dividend of 35 kobo per share.
The final dividend, which is subject to the approval of the shareholders at its Annual General Meeting (AGM), will bring the total dividend for the year to 52 kobo. The bank had paid an interim dividend of 17 kobo earlier in the year.
The lender recorded a 24 per cent growth in its loan assets, bringing the figure to N2.6 trillion, while customer deposits increased by 48.1 per cent to N5.7 trillion compared to N3.8 trillion recorded in the preceding year.
Commenting on the result, the Group Managing Director/CEO, Kennedy Uzoka, said 2020 was important for UBA Group as it gained further market share in most of its countries of operation.
He said: “We ended a very challenging year on a reassuring note. The Bank recorded double-digit growth in both our top and bottom lines, as gross earnings and after-tax profit grew by 10.8 per cent and 27.7 per cent to N620.4 billion and N113.8 billion respectively. Return on equity was 17.2 per cent even as our cost-to-income ratio moderated to 61.3 per cent.”
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