United Bank for Africa (UBA) has released Half year 2020 Group results showing a 3.3 percent increase in total comprehensive income for the period to N64.1 billion.
The tier-one lender also declared an interim dividend of N0.17 for every ordinary share of 50 kobo each, subject to applicable withholding tax.
The dividend which is equivalent to a yield of 2.59 percent will be paid to shareholders whose names appear in the Register of Members as at the close of business on Tuesday, September 15, 2020.
The gains compared to a year ago were largely on the back of Foreign Exchange (FX) differences on translation of overseas operations which rose to N8.5 billion in 2020, compared to –N11.35 billion in 2019, and a fourfold increase in fair value changes on equity investments to N9.93 billion.
Net interest income for the period rose by 8.3 percent to N119.3 billion, as interest expense moderated by 8.9 percent to N86.2 billion in 2020, compared to a year ago.
Net fee and commission income also increased to N38.5 billion from N36 billion in 2019, while total assets for the Group increased to N6.75 trillion from N5.6 trillion as at December 2019.
UBA stock has gained 26 percent in the past one year.