The United Bank for Africa (UBA) has proposed a final dividend of N3.00 per share, up from N2.30 per share declared in 2023.
This proposed final dividend and the N2.00 per share interim dividend paid in October 2024, brings the total dividend for the year to N5.00, amounting to a pay-out ratio of 26.6 per cent as against 16.32 per cent in 2023.
According to the notice to the Nigerian Exchange (NGX), the proposed dividend will be presented to shareholders for approval at the next Annual General Meeting and paid subsequently subject to withholding tax at an appropriate rate, UBA said in its audited report.
In its audited report released on NGX, the pan African banking group grew profit by 26.14 per cent year on year to N766.568 billion in 2024 from a total amount of N607.696 billion the group posted in financial year 2023.
UBA’s net interest income rose sharply to N1.530 trillion, up by 116 percent year on year from N707.540 billion in the financial year 2023. Net fees and commission income also increased sharply in the year.
According to its audited report, UBA generated N355 billion as net fee and commission income in 2024, an increase of about 88 per cent above N189.059 billion achieved in 2023.
Profit before tax came in at N803.726 billion, up by six per cent year on year from N757.680 billion in 2023.
Tax expenses dropped to N37.158 billion in 2024 as against N149.984 billion the company recorded in 2023. The left the group net income at N766.568 billion, up by 26.14 per cent year on year from N607.696 billion in 2023.
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