UBA loans N254bn to customers in HY1 2016

….proposes 0.20 kobo interim dividend

 

kennedy 1United Bank for Africa Plc (UBA) has reported an increase of 24.52 per cent in its loans and advances to the customers amounted to N254 billion in consolidated and separate financial statements for the half year ended 30 June, 2016. The lender’s net loan rose from N1.036 trillion at the end of 2015 financial year to N1.290 trillion at the end of half year 2016.

 

UBA improve its deposits from customers during the half year 2016 by N331 billion, represented 15.91 per cent from N2.081 trillion to end half year at N2.412 trillion.

 

The total assets of the group jumped by N537 billion from N2.752 trillion to N3.289 trillion at the end of review period, while the total liabilities rose by 19.09 per cent (N462 billion) from N2.420 trillion to N2.882 trillion.uba-1

 

Meanwhile, the group gross earnings dropped N163 million or 0.10 per cent from N165.743 billion to end half year 2016 with N165.580 billion.

 

Its profit before tax rose by N1.224 billion when compared with N39.046 billion recorded in half year 2015 stood at N40.270 billion at the end of half year 2016.

 

The group’s profit after tax slightly increase by 1.94 per cent (N622 million) from N31.999 billion to end review period at N32.621 billion. The lender’s retained 19.70 per cent of its gross earnings as profit during the half year 2016 superior than 19.31 per cent retained during the same period of 2015.

 

However, the board of directors, pursuant to the powers vested in it by the provisions of section 379 of the Companies and Allied Matters Act (CAMA) of Nigeria, declared a dividend of N0.20 kobo per share from the retained earnings account as at 30th June, 2016. This will be presented to shareholders for approval at the next annual general meeting. Payment of dividend is subject to applicable withholding tax and payable to shareholders whose names appear on the register of shareholders on 9th September 2016.