GTBank, UBA declare N1.77k, 60k dividends

PHOTO: techmoran.com

PHOTO: techmoran.com

United Bank for Africa Plc (UBA) has declared a profit-after-tax of N60 billion and gross earnings of N315 billion for the financial year ended December 31, 2015.

Indeed, the bank recorded a 10 per cent growth in gross earnings, closing at N315 billion and a 25 per cent growth in profit-after-tax to N60 billion, representing a 20 per cent return on average equity.

Similarly, Guaranty Trust Bank Plc posted gross earnings of N301.9 billion in its 2015 operations, against N278.5 billion achieved in the corresponding period in 2014, while its profit-after-tax also rose from N94.4 billion in 2014 to N99.4 billion during the period under review.

Following UBA’s performance , the board is proposing a final dividend of 40 kobo per share, thus bringing to 60 kobo, the total dividend for the 2015 financial year.

UBA had earlier paid an interim dividend of 20 kobo per share, following the audit of its 2015 half year results, noting that it defied competition and macroeconomic pressures to grow operating income by 10 per cent to a record N205 billion in December 2015, from N186 billion in December 2014.

Commenting on the result, Group Managing Director/Chief Executive Officer, UBA Plc, Phillips Oduoza, said: “Our 2015 profit is a new high, reflecting the hard work and discipline of our Board, Management and Staff in creating value for all stakeholders. We remain committed to growing in a responsible manner that aligns with our vision of building an enduring institution”.

He said the bank’s resilient business model, geographic diversification, proactive strategies, and strong governance created an edge for it through the year.

“We will continue to invest in our future whilst managing cost tightly to generate strong returns to shareholders” he assured.
For GTBank, its balance sheet remained strong with 7.2 per cent growth in total assets, from N2.36 trillion in 2014 to N2.52 trillion in the year under review. Loans to customers grew by 7.5 per cent to close at N1.37 trillion from N1.28 trillion in 2014.

Specifically, the bank’s audited result for the full year ended December 31, 2015, showed gross earnings of N301.9billion an increase of 8.4 per cent from the N278.5 billion recorded in the same period of 2014.

The Group Profit Before Tax stood at N120.7billion, an increase of N4.3billion or 3.7 per cent over the N116.4billion reported in December 2014.

The bank explained that despite the implementation of the Treasury Single Account (TSA) by the FGN, customer deposits remained relatively stable with a marginal year-on-year decline of 0.49 per cent from N1.62trillion in 2014 to N1.61trillion in 2015.

“The Bank continued to maintain a disciplined and prudent approach to loan growth in line with its Risk Management framework.

The Bank’s Non-Performing Loans (NPL) ratio remained low at 3.21per cent; up slightly from 3.15per cent in the comparative period of 2014. Against this backdrop of strong financial showing, the Bank is proposing Total-Year Dividend of N1.77k per share (inclusive of the 25kobo interim dividend paid at half year 2015).

The Managing Director of the bank, Segun Agbaje explained that the performance was an indication that the bank has earned the loyalty of its customers and an attestation of the hard work and dedication of the staff, management and Board.

He added that the group has delivered a respectable profit before tax of N120.7 billion despite an extremely challenging business environment in 2015.



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