UBA Reports N157 Billion Profit for 2020

United Bank for Africa Plc reported N131.860 billion profit before tax for the period ended December 31, 2020.

In the audited financial statements seen by Investors King, the leading financial institution grew profit before tax from N111.287 billion recorded in the same period of 2019 to N131.860 billion.

Income tax expense stood at N18.095 billion, down from N22.198 billion paid in the corresponding period of 2019.

UBA grew profit after tax from N89.089 billion in 2019 to N113.765 billion in 2020. While other comprehensive income increased to N43.326 billion from N35.350 billion posted in 2019.

Total comprehensive income stood at N157.091 billion in 2020, up from N124.439 billion in 2019.

A breakdown showed the N147.416 billion of the total comprehensive income was attributed to equity holders of the bank while non-controlling interests accounted for the remaining N9.675 billion.

The directors of the bank led by Mr. Tony Elumelu announced a dividend of N0.35 per share for the year.

“The Directors, pursuant to the powers vested in it by the provisions of Section 379 of the Companies and Allied Matters Act (CAMA) of Nigeria, propose a final dividend of N0.35 per share (31 December 2019: N0.80 per share) from the retained earnings account as at 31 December 2020. This proposed final dividend, and the N0.17 per share interim dividend paid in September 2020 will be presented to shareholders for approval at the next Annual General Meeting. The proposed dividend is subject to withholding tax at the appropriate rate,” the audited financial statements stated.