Lagos—United Bank for Africa (UBA) Plc, the pan-African financial services group, operating in 19 African countries, has released its audited 2016 full year results, showing significant growth in gross earnings and profits, an attestation to its resilience, enhanced productivity and geographic diversification, evident in the impressive contribution from its African subsidiaries.
Following the impressive performance, the Board of Directors proposed a final dividend of 55kobo, subject to the approval of the shareholders at the forthcoming Annual General Meeting, scheduled to be held April 7, 2017 at the Eko Hotel and Suites in Lagos.
The Group recorded an impressive 22 percent growth in gross earnings up to N384 billion, as at December 2016, from N315 billion at the end of the 2015 financial year, illustrating the Bank’s ability to grow profitability despite the difficult macro-economic environment. In addition to the rising adoption of electronic banking channels in many of the African markets, where UBA operates, the Bank leveraged its strong franchise and geographical footprint.
As reflected in the results released on March 24, 2017 at the Nigerian Stock Exchange (NSE), covering the period January to December 2016, the Group saw a significant 32 percent growth in profit before tax to N91 billion, compared to N68 billion profit recorded over the same period in 2015. UBA’s profit after tax grew by 22 percent to N72 billion, from N60 billion recorded the previous year.
Commenting on the results, Kennedy Uzoka, the Group Managing Director and Chief Executive Officer expressed satisfaction at the resilience of the bank, despite the macroeconomic challenges in a number of countries where UBA operates.
The performance was buoyed by considerable growth in both interest and non-interest income, as well as increasing efficiency gains from cost management initiatives. UBA’s subsidiaries outside of Nigeria are increasingly gaining market share, reinforcing the strong and impressive subsidiary contribution to the Group, estimated at one-third of profit in 2016, from a quarter in 2015 financial year.
The post UBA declares final dividend per share of 55 kobo appeared first on Vanguard News.
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