UBA’s Gross Earnings Up 46%, To Pay Dividends, Gives Share Bonuses

PHOTO: UBA GROUP MANAGING DIRECTOR, TONY ELUMELU.

San Francisco March 31, (THEWILL) - United Bank for Africa (UBA) Plc recorded a profit after tax of N2.38 billion in 2009. The profit before tax stood at N13.66 billion.

The Group's results presented to the Nigeria Stock Exchange (NSE) Wednesday, indicated that Gross Earnings went up by 46 per cent to peak at N246.725 billion.

In the same manner, Net Interest Income moved up 57 per cent to stand at N118.189 billion

Also, Fees and Commissions and Operating Income went up 18 per cent and 46 per cent respectively to N50.075 billion and N187.066 billion

Capital Adequacy ratio of 16.3%

Furthermore, the highlights showed that Exceptional Items include net charge of N38 billion for diminution in assets value following stress tests by the Central Bank of Nigeria.

Flowing from the above performance, the Directors have recommended a dividend of 10kobo per share and a bonus share issue of one new share for every five held.

The Group Chief Executive Officer, Tony Elumelu, stated that the results reflect the bank’s solid foundations, strong capital base (risk weighted capital adequacy ratio of 16.3 per cent) and focus on risk management and corporate governance.

He said the Group's continental expansion play continues to be a significant differentiator and source of future growth.

Elumelu stated that UBA commenced operations in eight new African countries during the year, increasing the total Africa presence to 16 countries as it seeks to diversify its earnings stream and open up considerable prospects for the distribution of its product suite.