UBA profit rises 27.7%, customer deposits hit N5.68trn

The United Bank for Africa Plc has reported an increase of 27.7 percent in its profit after tax for the 2020 financial year, compared with the previous year.

UBA’s after-tax profit rose to N113.77 billion last year from N89.09 billion in 2019, according to its audited financial statements released on Monday.

Its profit before tax increased to N131.86 billion in 2020 from N111.29 billion a year ago.

Deposits from customers jumped to N5.68 trillion last year from N3.83 trillion in 2019 while loans and advances to customers grew to N2.55 trillion from N2.06 trillion.

The pan-African banking group said, “The directors propose a final dividend of N0.35 per share (31 December 2019: N0.80 per share) from the retained earnings account as at 31 December 2020.

“This proposed final dividend, and the N0.17 per share interim dividend paid in September 2020 will be presented to shareholders for approval at the next Annual General Meeting.”