UBA earnings hit N1.7trn, declares N2 interim dividend

The United Bank for Africa (UBA) Plc has announced an interim dividend of N2 per share for the first half of 2024 (H1 2024), as the bank’s gross earnings grew by 40 per cent year-on-year to hit N1.37 trillion during the half-year. In a statement on Monday, the bank said it also recorded a pre-tax […]

The United Bank for Africa (UBA) Plc has announced an interim dividend of N2 per share for the first half of 2024 (H1 2024), as the bank’s gross earnings grew by 40 per cent year-on-year to hit N1.37 trillion during the half-year.

In a statement on Monday, the bank said it also recorded a pre-tax profit of N401.6 billion, a marginal 1% decline from the N403.6 billion posted in H1 2023.

The bank also posted a profit after tax of N316.4 billion for H1 2024 representing a 16 per cent year-on-year decline from the N378.2 billion posted in the corresponding period in 2023.

However, the banks’ shareholders’ funds increased by 47 per cent from N2.03 trillion in December 2023, to N2.99 trillion.

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“During the period under review, UBA enjoyed a bumper surge in interest income, as it recorded an interest income of N1 trillion, which marks a whopping 134% year-on-year growth from N428.3 billion posted in H1 2023. However, there was a 77% year-on-year decline in the group’s net trading and FX gains to N98.2 billion, from N418.3 billion as of H1 2023.

“The group posted a net interest income of N674.6 billion, marking a 143% year-on-year growth from the N278.1 billion posted in H1 2023. There was also an 85 per cent growth in the net fee and commission income to N145.1 billion, from N78.3 billion as of the corresponding period in 2023,” It further stated.

Commenting on the group’s result, Oliver Alawuba, the Managing Director of UBA Plc noted, “The group’s performance has been buoyed by consistent strong growth in all core and sustainable banking income lines.”

He also noted that in their bid to acquire more customers, the bank has invested heavily in technology, data analytics, and product innovation to improve their services and customer experience.