UBA posts N2tn record earnings, proposes N2.30/share dividend – Newstrends
Connect with us

Business

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

Published

on

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.”

Auto

Appeal court takes over NURTW case as NIC withdraws

Published

on

Appeal court takes over NURTW case as NIC withdraws

The National Industrial Court has withdrawn from a case involving Alhaji Najeem Usman Yasin, Board of Trustees chairman of the National Union of Road Transport Workers (NURTW), and Alhaji Tajudeen Ibikunle Baruwa’s ambition to return as president of the union over lack of jurisdiction.

The industrial court’s decision was made to avoid conflict with the Court of Appeal, where the matter is already being heard.

Before the NIC announced its decision to hands-off the case, the defendants’ counsel, Mr. O.I. Olorundare SAN, had informed the court that the matter is currently before the Court of Appeal, Abuja division, and that the industrial court could not continue to adjudicate on the same matter.

The counsel cited authorities to support his claim, adding that the National Industrial Court does not have concurrent jurisdiction with the Court of Appeal.

The presiding judge, O.O. Oyewunmi, struck out the case, stating that the Appeal Court had taken over the matter and that the Industrial Court must respect the hierarchy of courts.

Alhaji Yasin and six others took the case to the Appeal Court, challenging the decision of the industrial court recognising a delegates’ conference held on May 24, 2023, where Baruwa was proclaimed as President of the union for a second term in office.

With the latest NIC judgement, both parties will now proceed to defend their positions at the Court of Appeal and await the final judgement.

Continue Reading

Business

Multichoice shuns court order, proceeds with increase of DSTV, Gotv packages

Published

on

Multichoice shuns court order, proceeds with increase of DSTV, Gotv packages

Despite the intervention of the CCPT, Multichoice Limited has proceeded to increase packages price for DSTV and GOTV as announce on Wednesday last week.

Newstrends had earlier reported that the corporation announced that the new rates will go into effect on Wednesday, May 1, 2024, in a statement.

Meanwhile, on Monday, MultiChoice Nigeria Limited was ordered by the Competition and Consumer Protection Tribunal (CCPT) in Abuja to suspend the planned prices and tariffs hike on packages and services.

READ ALSO:

The three-member tribunal, presided over by Saratu Shafii, gave the interim order following an ex-parte motion moved by Ejiro Awaritoma, counsel for the applicant, Festus Onifade.

News prices includes: DStv, Premium bouquet, the price moved from N29,500 to N37,000; Compact+ from N19,800 to N25,000; Compact from N12,500 to N15,700; Confam from N7,400 to N9,300, among others.

For GOtv users, Supa+ increased from N12,500 to N15,700; Supa moved from N7,600 to N9,600; Max from N5,700 to N7,200; Jolli, from N3,950 to N4,850, among others.

Multichoice shuns court order, proceeds with increase of DSTV, Gotv packages

Continue Reading

Business

As controversy over Maersk-FG port investment rages, Onanuga says no $600m deal signed

Published

on

As controversy over Maersk-FG port investment rages, Onanuga says no $600m deal signed


The Nigerian government and a shipping giant, Maersk, have not signed any investment agreement, Bayo Onanuga, special adviser on information and strategy to President Bola Tinubu, has said.
Onanuga was reacting to the controversy surrounding the reported sealing of a $600 million deal for the development of the nation’s seaports.
He said there was only talk “of possible investment in Nigeria” by Maersk.
Interestingly Onanuga had hinted about the deal in a tweet said to have been pulled down after the social media backlash.
After President Tinubu’s discussion with Maersk’s Chairman Robert Uggla on April 28, on the sidelines of the World Economic Forum Special Meeting in Riyadh, Saudi Arabia, the presidency had released a statement announcing that the shipping company had pledged to inject $600 million into the Nigerian seaport industry.
“Danish shipping company, A.P Moller-Maersk plans $600m investment in Nigeria. Danish shipping and logistics company A.P Moller-Maersk has disclosed a planned investment of $600 million in Nigeria to accommodate more container shipping services in Nigerian ports,” Onanuga wrote on X.
In a statement, Tinubu’s spokesperson, Ajuri Ngelale, also said “President Tinubu meets Chairman of Danish shipping giant Maersk, secures $600 million investment in Nigerian seaport infrastructure.” He quoted Uggla as saying, “We believe in Nigeria, and we will invest $600m in existing facilities and make the ports accommodating for bigger ships.”
In response to this. Maersk officials have denied any such agreement and stress no deals have been signed.
Onanuga in a new report by TheCable, an online news platform admitted no agreement on investment had been reached by the two parties.
“I think the statement issued by Maersk did not talk about a deal. There was no deal according to that statement that I read.
“However, there was talk of investment,” the special adviser said.
“No document or agreement was signed, so there was no deal. But there was talk of a possible investment in the country.
“So, go and read the statement again. They never said any deal was signed between the Nigerian government and the Dutch company. There was nothing like that.”
Onanuga however said the shipping company did not expressly deny that there was an investment talk.
He said people are “unnecessarily giddy over nothing.

Continue Reading

Trending

Skip to content