UBA surprise investors with 40 kobo dividend

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UBA HOUSE

Barely two week after United Bank of Africa Plc (UBA) announced a major change in the management of the bank with the appointment of Kennedy Uzoka and Victor Osadolor as Group Managing Director and Deputy respectively, the bank has once again surprise its shareholders with a final dividend of 40 kobo in its audited account for the period ended December 31, 2015.

The final dividend is aside, an interim of 20 kobo that was paid last year, totalling 60 kobo for the 2015 financial year. A breakdown of the result shows that the bank recorded a 25 per cent growth in its profit after tax to N60billion, which translate to 20 per cent return on average equity, while gross earnings stood at 10 per cent, closing at N315 billion.

The pan-African financial services group with operations in 19 African countries also grew its operating income by 10 per cent to N205 billion in December 2015; from N186 billion in December 2014.

Commenting on the result, the Group Managing Director, UBA Plc, Mr. Phillips Oduoza, said, “Our 2015 profit is a new high, reflecting the hard work and discipline of our board, management and staff in creating value for all stakeholders. We remain committed to growing in a responsible manner that aligns with our vision of building an enduring institution.”

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