Business

UBA Shareholders To Get 150% Dividends Increase In FY2023 – Alawuba

Published

3 years ago

September 12, 2023

559 Views

United Bank for Africa (UBA) Plc says that in line with the Group’s culture of paying both interim and final cash dividends, the Board has approved an interim dividend of 50k per share, which represents over 150 percent increase over the financial year 2022 .

UBA’s Group Managing Director/Chief Executive Officer, Mr. Oliver Alawuba, who made this known said, said that the dividends increase is as a result of the exceptional performance recorded by the bank during the first half year ended 2023.

Alawuba said: “The Group recorded strong double-digit growth in revenues and profits from its operations, and this underscored the Group’s commitment to consistently deliver value to its shareholders.”

A look at the bank’s financials showed that it recorded a profit before tax (PBT) of N404 billion for the half year ended June 30, 2023.

The PBT represents an extraordinary increase of 371 per cent, when compared to N85.75 billion recorded in the first half of 2022.

The increment translated to an annualised Return on Average Equity of 57.7 per cent as against 17.1 per cent a year earlier.

Profit After Tax N378.24bn
The results also showed a profit after tax (PAT) of N378.24 billion, representing a leap of 437.8 per cent over H1 2022.

Operating Income grew by 206.6 per cent to N783.96 billion in June 2023; higher than N255.67 billion reported a year earlier.

The Group delivered a 164 per cent growth in its Gross Earnings which rose to N981.78 billion as at June 2023, up from N372.36 billion recorded last year in June 2022.

Equally, the bank’s total assets continued a strong upward trajectory, rising above the N15 trillion mark, as it hits N15.38 trillion, representing a 41.7 per cent leap up from N10.86 trillion recorded at the end of last year.

Customer Deposits also rose by a sharp 42.4 per cent to N11.14 trillion in the period under consideration; as against N7.8 trillion recorded at the end of 2022.
N1.7 Trillion Shareholders Fund
The Group’s shareholders’ funds stood at N1.7 trillion, with a capital adequacy ratio of 36.4%”.

Alawuba added that the Group made progress in digital payments, retail penetration and also benefitted from the effect of revaluation gains, arising from the harmonization of foreign exchange rates at the different access windows in Nigeria.

Harmonization of Currency Exchange Rates
He said that the result also reflects the effect of sizeable revaluation gains, arising from the harmonization of currency exchange rates in Nigeria.

Our reporting currency found a new exchange level at about N756 to $1 as of 30 June 2023, compared to N465 at the beginning of the year.

The results again demonstrate the benefits of our long-held diversification strategy across Africa and globally.

The growth of our international business, most recently in the UAE, only reinforces this earnings quality.

UBA’s Executive Director, Finance and Risk, Ugo Nwaghodoh, said the half year 2023 financial numbers reflect an excellent performance across key metrics, as the bank diligently executes its strategic priorities.

Our Priorities For The Year
“Our HY2023 financial numbers reflect excellent performance across key metrics, as we diligently execute our priorities for the year.
Annualized return on average equity at 57.7% was bolstered by improved operating income and revaluation gains,” he explained.

Nwaghodoh also pointed out that the Group maintains robust capital buffers to support business growth and loss absorbency.

Related Topics:Alawuba Featured Shareholders UBA

Up Next

Nigeria, EU Records €45bn Bilateral Trade

Don't Miss

FULL LIST: FG Delists 37 illegal loan apps

Click to comment

Business

Cardoso Urges Banks To Lend Out Idle Funds With CBN * Retains MPR at 26.5%

Cardoso made the call on Tuesday after the 306th Monetary Policy Committee (MPC) meeting held in Abuja from July 20 to July 21.

Published

6 hours ago

July 21, 2026

OCHEFA

18 Views

The Central Bank of Nigeria (CBN) Governor, Olayemi Cardoso , urged banks from keeping idle funds with the apex bank and encouraging increased lending into the economy.

Cardoso made the call on Tuesday after the 306th Monetary Policy Committee (MPC) meeting held in Abuja from July 20 to July 21.

The apex bank retained the Monetary Policy Rate (MPR), also known as benchmark interest rate, at 26. 5 percent.

This decision marks the second consecutive retention of the MPR at 26.5 per cent, following a 50-basis-point reduction in February from 27 per cent.

“The committee’s decision to maintain the current policy stand follows a thorough assessment of the balance of risk,” said Cardoso.

He emphasised that although headline inflation moderated marginally in June 2026, global uncertainties have heightened due mainly to the renewed hostilities in the Middle East.

The MPC also adjusted the asymmetric facilities corridor around the MPR to +50/-450 basis points—a move aimed at discouraging banks from keeping idle fund with CBN.

Furthermore, the committee maintained the Cash Reserve Ratio (CRR) for commercial banks at 45 per cent, retained the rate for merchant banks at 16 per cent, and kept the CRR on non-TSA public-sector deposits at 75 per cent for liquidity management considerations.

Cardoso said despite the global uncertainties, the Nigerian economy has “remained largely resilient to the external shocks”.

Business

CBN admits it opened domiciliary accounts for PFIPC agency

Represented by the Director of its Banking Services Department, Hamisu Ibrahim, the CBN said that the accounts are one in US dollars, the other in British pounds sterling, were opened following a mandate received from the Office of the Accountant-General of the Federation.

Published

15 hours ago

July 21, 2026

OCHEFA

20 Views

File photo : PFIPC agency DG, Adeniyi Adeyemi

The Central Bank of Nigeria had admitted that it opened two foreign-currency domiciliary accounts for the controversial Presidential Foreign Investment Promotion Council (PFIPC).

The apex bank made the confirmation, yesterday, during the public hearing convened at the National Assembly Complex by the House of Representatives Ad-hoc Committee investigating the existence and operations of the PFIPC, chaired by Yusuf Gagdi and inaugurated by Speaker Tajudeen Abbas.

He explained that on July 30, 2025, CBN received a mandate dated July 29, 2025 from the Office of the Accountant-General.

“We received the mandate to authorise two accounts, one a US dollar domiciliary account, the other a pound domiciliary account, for the Presidential Economic Advisory Council/Presidential Foreign Investment Promotion Council,” Ibrahim told the committee.

He explained the CBN’s verification process, “The process of opening an account requires a mandate from the Office of the Accountant-General of the Federation.

“Once we receive that mandate, we perform all the necessary verifications to confirm that this mandate is actually coming from that office.

The department that handles the mandate is different from the department that actually does the account opening,” he said.

Nevertheless, he noted that no one came to activate the accounts after they were opened.“We did not receive any correspondence, mandate, signature or mandate cards. We were not introduced to the authorising or approving officers.“Based on that, those accounts remain inactive, with zero balance. There have been no foreign exchange allocations.