UBA To Pay N78.7 Billion Final Dividends To Shareholders For 2023

UBA shareholders will receive a final dividend of N78.7 billion for FY 2023, representing N2.30 per ordinary share held.

Combined with an interim dividend of N0.50 per share paid for H1 2023, UBA paid a total dividend of N2.80 per share, amounting to N95.8 billion.

The total dividend of N95.8 billion paid for FY 2023 represents a 154.8% increase from the N37.6 billion paid as total dividends for 2022.

Despite an increase in total dividends paid out for 2023, the group’s dividend payout to PAT ratio experienced a decline of 6.3 percentage points, dropping from 22.1% in 2022 to 15.8% in 2023.

UBA To Pay N78.7 Billion Final Dividends To Shareholders For 2023

In the company’s notice to the NGX, it was specified that the final dividends will be disbursed to shareholders whose names are recorded in the Register of Members as of the close of business on Friday, May 10, 2024. And the payment will be made on May 24, 2024.

Also, shareholders who have not yet completed the e-dividend registration process are encouraged to obtain the E-Dividend Mandate Form.

In 2023, UBA’s unclaimed dividends increased to N14.9, an 18% increase from N12.6 billion unclaimed dividends posted in 2022.

In the notice, it was noted that shareholders who have outstanding dividend warrants or share certificates, which have not been claimed or presented for payment, complete the e-dividend registration process or get in touch with the Registrar for assistance.

The group uses Africa Prudential Plc as its registrar.

For the FY 2023, UBA Plc reported a profit after tax of N607.7 billion, representing a whopping 257% increase from

its PAT of N170.3 billion posted in 2022. Contained within the PAT was a net FX revaluation gain of N26.6 billion.

However, the CBN directive to banks is that FX revaluation gains were not to be used for dividends payment or operational expenses.