UBA Declares 20kobo Dividend after NNPC/NLNG TSA Controversy

United Bank for Africa (UBA) Plc Logo

Barley a week after the controversy over non remittance of all outstanding Nigerian National Petroleum Corporation (NNPC) / Nigerian Liquefied Natural Gas (NLNG) deposit to the Federal Government Treasury Single Accounts (TSA) which made the Central Bank Of Nigeria (CBN) to list the United Bank for Africa (UBA) among the banks that were ban from participating at the foreign exchange market and later re-admitted, the board of directors of the bank has rekindle shareholders hope as they proposed 20 kobo interim dividend for the period ended June 30, 2016.

Closure date for the corporate action is September 12, 2016 and payment date is September 19, 2016. The group consolidated and separate statements of comprehensive income which was released on Thursday August 25, 2016 shows that the management led by the immediate past Managing Director Phillip Oduoza was able to increase the bank bottom line when compared with what was recorded same period in 2015, while the top line had a sharp drop.

Highlights of the half year audited financial statement shows that gross earnings went down by 0.10 percent to N165,580 billion which is below N165,743 billion that was recorded same period in 2015. Profit before tax was up by 3.13 percent to N40,270 billion which is above N39,046 billion in 2015.

Profit after tax also went up by1.94 percent to N32,621 billion above N31,999 billion that was reported same period in 2015. Earnings per share stood at 0.94 kobo same as 2015 figure. Asset quality deteriorated significantly with Non-Performing Loan (NPL) rising to 2.4 percent from 1.7 percent in full year 2015. Impairment charges climbed by 94.9 percent year on year and 480 percent quarter on quarter respectively. The bank share price closed at N4.75 kobo on Friday.

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