ATM charges in Nigeria, UBA Annual General Meeting, Kennedy Uzoka, Group Managing Director/CEO of UBA
Kennedy Uzoka, Group Managing Director/CEO of UBA

The United Bank for Africa Plc (UBA) has declared an interim dividend of 20 kobo for every ordinary share of 50 kobo each for the financial period ended Sunday, June 30, 2019. 

Come Wednesday, September 18, 2019, the interim dividend will be paid electronically to shareholders whose names appear on the Register of Members as at Thursday, September 12, 2019, and to shareholders who have completed the e-dividend registration and mandated the Registrar to pay their dividends directly into their bank accounts. 

While the Bank’s Register of Members will be closed on Friday, September 13, 2019, to enable the Registrars prepare for the payment of Interim Dividend, Qualification Date has been slated for Thursday, September 12. 

[READ MORE: 2019 Fiscal Period: Guinness Nigeria declares N4 billion final dividend]

Laudable results? This is no doubt an exciting moment for the shareholders of UBA, as the bank reported a 9.3% increase in its interest income for the half-year period ended June 30. 

In its H1 Financial Statements, the lender disclosed that its interest income for the period stood at N204.8 billion, compared to N187.2 billion recorded in 2018. 

Profit Before Tax went up by 20.8% to N70.2 billion during the period under review, compared to N58.1 billion recorded in June 2018.       

Similarly, the bank’s Profit After Tax stood at N56.7 billion as against N43.7 billion which was recorded during the same period in June 2018. This represents a 29.5% increase. 

Understanding dividend: A dividend is a payment made by a company to its shareholders, usually as a distribution of profits. When a company earns a profit or surplus, it reinvests a portion of the profit in the business (retained earnings) whilst paying a portion as dividends to the shareholders.  

Distribution to shareholders may be in cash (usually a deposit into their bank accounts) or the issuance of further shares, otherwise known as shares repurchase. But this is usually done if the company has a dividend reinvestment plan. 

[READ ALSO: Stanbic IBTC declares N10.4 billion interim dividend]

 

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