Business

UBA posts N2tn record earnings, proposes N2.30/share dividend

Published

1 month ago

April 9, 2024

UBA posts N2tn record earnings, proposes N2.30/share dividend

UBA Nigeria Plc has announced a profit after tax of N607.696 billion in 2023, representing a 257 per cent increase over N170.27 billion in 2022.

It also revealed its gross earnings as N2.08 trillion in 2023, about 143 per cent increase over N835 billion made a year earlier.

This is the bank’s highest gross earnings and ranks as one of the highest in the banking sector for 2023.

The bank gave the figures in its audited financial results for the full year ended December 31, 2023 filed at Nigerian Exchange Limited (NGx).

The banks’ total assets also rose by 90.22 percent, doubling the N10 trillion mark, to close at N20.65 trillion in December 2023; up from N10.86 trillion in 2022.

UBA Group Shareholders’ Funds also rose from N922 billion as of December 2022.

During the 2023 financial year, UBA Group cost-to-income ratio dropped from 59.2 per cent, in 2022, to 37.2 per cent pointing at the Group’s improving efficiency.

In fulfilment of the promise made by the UBA Group Chairman, Tony Elumelu, to shareholders at the last Annual General Meeting, the bank proposed a final dividend of N2.30 kobo for every ordinary share of 50 kobo, for the financial year ended December 31, 2023.

The final dividend is subject to the ratification of the shareholders during its upcoming annual general meeting (AGM).

UBA also recorded a 61.3 per cent growth in loans to customers, moving up to N5.5 trillion in 2023, whilst customer deposits rose by 90.31 per cent to N14.9 trillion, compared to N7.8 trillion recorded in the corresponding period of 2022.

This is considered a reflection of increased customer confidence, enhanced customer experience, successes from the ongoing business transformation programme and the deepening of its retail banking franchise.

UBA’s Group Managing Director/Chief Executive Officer, Oliver Alawuba, said, “I am very pleased with the unprecedented results achieved by our Group in FY2023.

“The group is well positioned for further business expansion in FY2024 having closed FY2023 with Capital Adequacy Ratio of 32.6.”

Related Topics:dividends earnings profit UBA

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Aviation

Updated: We’ll resume Lagos-Dubai flights on October 1, says Emirates

Published

12 hours ago

May 16, 2024

Trends Admin

Updated: We’ll resume Lagos-Dubai flights on October 1, says Emirates

Emirates Airlines on Thursday announced that its flight operations to Nigeria would resume on October 1, 2024.

It said this in a statement, “The service will be operated using a Boeing 777-300ER. EK783 will depart Dubai at 0945hrs, arriving in Lagos at 1520hrs. The return flight EK784 will leave Lagos at 1730hrs and arrives in Dubai at 0510hrs the next day.

“Tickets can be booked now on Emirates.com or via travel agents.”

It quoted Emirates’ Deputy President and Chief Commercial Officer, Adnan Kazim, as saying the Lagos-Dubai service has traditionally been popular in Nigeria.

“We thank the Nigerian government for their partnership and support in re-establishing this route and we look forward to welcoming passengers back onboard,” Kazim said.

Minister of Aviation and Aerospace Development, Festus Keyamo, on Wednesday said the Emirates Airlines had given a definite date to resume flight operations to Nigeria and would make the announcement in a matter of days.

Emirates Airlines suspended flight operations to Nigeria in October 2022 over its inability to repatriate its $85 million revenue trapped in Nigeria.

Business

Dollar crashes against Naira at official market

Published

19 hours ago

May 16, 2024

Trends Admin

Dollar crashes against Naira at official market

The Naira on Wednesday appreciated at the official market, trading at N1,459.02 to the dollar.

Data from the official trading platform of the FMDQ Exchange, revealed that the Naira gained N61.38.

This represents a 4.04 per cent gain when compared to the previous trading date on Tuesday, when the local currency exchanged at N1,520.40 to a dollar.

Dollar crashes against Naira at official market

Business

Nigeria’s inflation rises further to 33.69%, highest in 28 years

Published

1 day ago

May 15, 2024

Trends Admin

Nigeria’s inflation rises further to 33.69%, highest in 28 years

Nigeria’s inflation rose to its highest in 28 years as it hit 33.69 per cent in April 2024, up from 33.20 per cent in March.
A report by the National Bureau of Statistics revealed this on Wednesday. It showed the food and non-alcoholic beverages category continued to be the biggest contributor to inflation.
Food inflation, which accounts for the bulk of the inflation basket, reached 40.53 per cent in annual terms, against 40.01 per cent in March.
The galloping inflation is attributed largely to President Bola Tinubu administration’s removal of petrol subsidy and naira devaluation due to foreign exchange rates unification.
Reuters in a report recalled that the Central Bank of Nigeria had raised interest rates twice this year, including its largest hike in around 17 years, as it struggles to contain the price pressures.
CBN Governor Olayemi Cardoso has indicated that rates will stay high to bring down inflation.
The bank holds another rate-setting meeting next week.

Price pressures have left millions of Nigerians grappling with the worst cost of living crisis in decades as they struggle to meet their basic needs.
To ease the pressure on government workers, Tinubu recently introduced a wage award of N35,000 and direct cash transfer to the vulnerable.