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United Bank of Africa (UBA) Plc releasing its audited financial statement for the period ended December 31, 2018, posted a profit after tax of N78 billion which is marginally up by 0.65 percent above N77.6 billion that was recorded in 2017.
The bank proposes a final dividend of 65 kobo, making a total dividend of 85 kobo for 2018 financial year when added with the 20 kobo interim dividend that was paid. Other highlight of the reason shows that profit before tax increased slightly by 1.9 percent from N104.2 billion in 2017 to N106.8 billion. Earnings Per Share stood at 2.20 which is above 2.19 recorded in 2017 showing an increase of 0.47 percent.
Gross earnings rose by 7.04 percent from N461.6 billion in 2017 to N494 billion.
Impairment charges declined largely by 86.2 percent from N32.9 billion in 2017 to N4.5 billion in 2018 while net interest income reduced by 0.96 percent. Share of Profit/loss of equity accounted investee rose as high as N419 million from N204 million in 2017.
Photo Caption: Tony Elumelu Chairman UBA Plc
