March 3, 2020/Coronation Report
UBA published audited FY 2019 results yesterday. Numbers were in line with our and consensus estimates.
Net Profits were up 13.3% y/y to N89.1bn (US$247.5m). Net fee and commissions were up 22.2% y/y.
UBA proposes a total dividend of N1.0/s which (inclusive of an earlier interim dividend of N0.20/s) translates to a total gross dividend yield of 15.50% (the current 1-year T-bill yield is 5.63%).
We maintain our Buy recommendation on the stock.
