The half-year profit of United Bank for Africa (UBA) dipped by 21.7 per cent when compared to the same period in 2019, an interim Consolidated and Separate Financial Statements for the period June 2020 has shown. The report was submitted to the Nigerian Stock Exchange (NSE) on Tuesday.
Profit for the period under review came to N44.431 billion down from N56.739 billion in the same period last year. That amounts to a drop of 21.7 per cent.
Profit before income tax slumped to N57.129 billion in the review period from N70.274 billion when compared to the same period last year, 2019. This translates to 19.2 per cent dip.
These is a little bright side to the result however. Its interest income rose marginally from N204.885 billion in the half year of 2019 to N205.586 billion in H1 2020.
Fees and commissions similarly increased, rising to N55.868 billion to N52.344 billion, that is 6.7 percent increase.
Earnings Per Share (EPS) however, declined by 23.5 per cent from N1.62k to N1.24k.
The bank declared an interim dividend of N0.17 per share, subject to applicable witholding tax.