Nigeria’s United Bank for Africa (UBA) said on Thursday its 2014 pretax profit rose marginally by 0.26 percent to 56.20 billion naira ($282 million) compared with a year ago.
It said revenue rose to 290 billion naira in the period to December 31, up from 264.68 billion naira a year ago. UBA cut its 2014 dividend payment to 0.10 naira per share, down from 0.50 naira it paid a year earlier.
The bank had posted gross earnings of N210 billion for the third quarter of its 2014 financial year ending September 31, a 12 per cent improvement over what it made in the comparable period of last year.
In the nine months period of 2013, UBA had posted a gross earnings of N188 billion. The bank’s earning had received a boost from interest income which rose 12.5 per cent to N149 billion in the same period.
Although the bank has remained strong and versatile, investors are expecting more from the top tier bank especialy when some younger banks like Zenith Bank and Guaranty Trust Bank are post about double the pretax profit declared by the bank.
