UBA Reports 20.3% Increase in Profit Before Tax for the 2021 Financial Year

United Bank for Africa (UBA), grew its Profit Before Tax (PBT) by 20.3 percent to N153.1 billion in 2021 compared to N127.3 billion at the end of the 2020 financial year.

These figures were made public at the bank’s 60th Annual General Meeting in Abuja yesterday. In the bank’s annual reports, it was also stated that UBA’s Profit After Tax (PAT) rose by 8.7 per cent to N118.7 billion in 2021, compared to N109.2 billion recorded the previous year.

As a result of the performance, the bank proposed a final dividend of 80 kobo for every ordinary share of 50 kobo for the financial year ended December 31, 2021, thus bringing the total dividend for the year to N1.00 as the bank had earlier paid an interim dividend of 20 kobo.

The Group Chairman, Tony Elumelu, who made this declaration at UBA’s 60th Annual General Meeting (AGM) in Abuja, noted that the bank’s strategic investment decisions over the past few years have indeed translated to huge returns for its investors, despite the challenging business environment witnessed in the last two years.

“I am proud of how as a Group, we have been able to further consolidate on the new capabilities we have built, novel customer solutions we have deployed, efficiency gains recorded and the growth prospects we have leveraged from a recovering world.

“These were the building blocks for the very strong financial performance and the growth delivered by your Group in 2021, further confirming the wisdom of the investments we made and the strategy we have pursued, to ensure the diversification and sustainability of our business model.”