Finance

UBA declares N118.7bn profit

UBA hits N608bn Profit After Tax, as gross earnings rise to N2.08trn in 2023

United Bank of Africa (UBA) on Thursday declared a profit after tax of N118.7 billion for the 2021 financial year. The figure grew by 8.7 per cent,  compared to N109.2 billion recorded the previous year. At the end of the 2021 financial year, UBA’s profit before tax grew by 20.3 per cent to N153.1 billion, compared to N127.3 billion at the end of the 2020 financial year. As a result, the bank proposed a final dividend of 80 kobo for every ordinary share of 50 kobo for the financial year which ended on December 31, 2021, bringing the total dividend for the year to N1.00 as the bank had earlier paid an interim dividend of 20 kobo.

Read:  UBA reports 33% profit rise, declares 20 kobo dividend

The Group Chairman of UBA, Mr Tony Elumelu, who made the disclosure at the bank’s 60th Annual General Meeting (AGM) in Abuja, assured shareholders and investors of its unwavering commitment to sustain its current growth trajectory even as its efforts at business diversification across Africa and beyond continues to yield increasing returns. He noted that the bank’s strategic investment decisions over the past few years have indeed translated to huge returns for its investors, despite the challenging business environment witnessed in the last two years. “These were the building blocks for the very strong financial performance and the growth delivered by your Group in 2021, further confirming the wisdom of the investments we made and the strategy we have pursued, to ensure the diversification and sustainability of our business model”, Elumelu said.

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Sunnews

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