UBA records profit before tax of N757.680bn

United Bank for Africa has released its audited result for the 2023 financial year, reporting profit before tax of N757.680 billion.

The figure represents a growth of N556.804 billion or 277.19 per cent compared with N200.876 billion recorded in the preceding year.

The bank’s group result submitted at the Nigerian Exchange showed that interest income went to N1.075 trillion from N557.152 billion reported in the comparative period of 2022.

The bank paid tax of N149.984 billion against N30.599 billion it paid in the preceding year, bringing total profit for the year to N607.696 billion from N170.277 billion, representing a growth of N437.419 billion or 256.89 per cent

An analysis of the result showed that interest expenses rose from N177.663 billion to N367.807 billion, while net interest income rose from N379.489 billion from N707.540 billion achieved in the preceding year.

Total assets also went to N20.633 billion at end of December 31, 2023 from N10.857 billion recorded in the preceding year.

The Directors, propose a final dividend of N2.30 per share against N0.90 per share it paid for 2022 financial year

This proposed final dividend and the N0.50 per share interim dividend paid in September 2023, brings the total dividend for the year to N2.80, amounting to a pay-out ratio of 16.32 per cent against ratio of 28.14 per cent in 2022, and a yield of 10.92 per cent compared with a yield of 14.47 per cent recorded in the previous year.

The bank said that 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.