AFRICA’S global lender, the United Bank for Africa Plc (UBA) has announced an impressive pre tax profit for the period ended December 31, 2017 which climbed up 16.1 per cent to N105.26 billion from N90.6.4 billion recorded a year ago.
Similarly, profit after tax (PAT) grew 8.8 per cent to N78.59 billion from N72.26 billion declared the same period of 2016.
According to the fillings at the Nigerian Stock Exchange (NSE), gross earnings of the bank increased from N383.64 billion in 2016 end to N461.55 billion in the review period of 2017; representing an increase of 20.3 percent.
The lender, thus declared a final dividend of 65 kobo (20 kobo interim) which amounts to a total dividend of 85 kobo per share compared to 75 kobo paid in 2016.
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UBA says the qualification and closure dates are April 9 and April 10 2018 respectively, while the Annual General Meeting (AGM) and proposed payment date has been scheduled for April 23, 2018 respectively.
Given the strong set of results, analysts expect to see upward revisions to consensus 2018E PBT forecast and a positive reaction from the market.
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