UBA half-year profit drops by 22%   

• declares interim dividend of N0.17 per share

The half-year profit of United Bank for Africa (UBA) dropped by 21.7 per cent compared to what the lender recorded in the same period of 2019.

This is according to its Interim Consolidated and Separate Financial Statements for the period ended 30 June 2020, submitted to the Nigerian Stock Exchange (NSE) on Tuesday.

Profit for the period came to N44.431 billion down from N56.739 billion in the preceding period, signaling a 21.7% contraction.

Also, its profit before income tax slumped to N57.129 billion in the review period, from N70.274 billion in the comparable period of 2019, translating to a 19.2 per cent decrease.

The bank’s interest income rose marginally from N204.885 billion in the same period of 20`9 to N205.586 billion in the period under review.

Fees and commissions income similarly expanded, rising by 6.73 per cent to N55.868 billion from N52.344 billion.

Earnings Per Share (EPS) declined by 23.5%, moving from N1.62 to N1.24.

With outstanding shares numbering around 34.200 billion, UBA’s price-to-earnings ratio is 2.59. Its EPS currently stands N2.53.

The bank on Wednesday morning declared an interim dividend of N0.17 per share subject to applicable withholding tax.

Payment is scheduled for 23rd September for shareholders whose names appear in the company’s register of members by 15th September, 2020.