Home Companies&Markets UBA Plc proposes N0.17 per share interim dividend, earns N44.431 billion profit...

UBA Plc proposes N0.17 per share interim dividend, earns N44.431 billion profit after tax in Q2 2020

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UBA PLC

WED, SEPT 02 2020-theG&BJournal-United Bank for Africa Group (UBA) Plc, Pan African financial institution, Monday published its audited financial statements for the period ended 30 June, 2020, reflecting the impact of COVID-19 across its major income lines and overall bottomline.

The Bank’s Directors proposed interim dividend of N0.17 per share (30 June 2019: N0.20 per share) from the retained earnings account as at 30 June 2020. The Bank said this will be presented to shareholders for approval at the next Annual General Meeting and payment of Dividend is subject to applicable withholding tax.

EARNINGS HIGHLIGHT

Profit before tax down from N70.274 billion same period 2019 to N57.129 billion in Q2 2020

Profit after tax down N56.739 billion in Q2 2019 Vs. N44.431 billion in Q2 2020

Taxation N12.698 billion

Total Comprehensive Income N62.080 billion in Q2 2019 Vs. N64,115 billion in Q2 2020

Other comprehensive Income up N19.684 billion Vs. N5.341 billion

Impairment charge N7.807 billion Vs. N3.120 billion in Q2 2019

Earnings per share (Naira) 1.24 vs 1.62 in Q2 2019

The earnings report shows that a total of 3,523,723,566 units of UBA shares were traded on the Nigerian Stock Exchange in 2020H1, representing 10.3% of the shares outstanding. The share price waned 12.6% in the period, closing at N6.25 (from N7.15 as at 31 December 2019), reflecting the bearish performance of the Nigerian equity market, as signified by the c.8.8% and c21.0% loss in the Nigerian Stock Exchange All Share Index (NSE ASI) and the Banking Sector Index (NSE Bank 10) during the period ended June 30, 2020.

As part of the Bank’s commitment to the development of host communities, the environment and broader economy within which it operates, across the Group, a total of N4.706 billion was given out as donations and charitable contributions during the period, partly through UBA Foundation – the Group’s Corporate Social Responsibility (CSR) arm.

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