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United Bank for Africa (UBA) Plc has announced a significant increase in profit for the 2024 financial year, with a 26.14% year-on-year growth to N766.568 billion.
This improvement was driven by a substantial increase in revenue, despite the high-interest-rate environment in its key markets.
According to the bank’s audited report released on the Nigerian Exchange for verification, it’s net interest income rose sharply by 116% year-on-year to N1.530 trillion, while net fees and commission income also increased by 88% to N355 billion.
Pretax profit grew by 6% year-on-year to N803.726 billion, and a significant reduction in tax expenses further boosted the bank’s bottom line.
As a result of this strong performance, UBA has proposed a final dividend of N3.00 per share, representing a 30% increase from the N2.30 per share declared in 2023.
This brings the total dividend for the year to N5.00 per share, with a payout ratio of 26.6%.
The proposed dividend will be presented to shareholders for approval at the next Annual General Meeting and paid subsequently, subject to withholding tax at the appropriate rate.
