United Bank for Africa (UBA) has announced a Interim dividend of N0.25 per share, 87.5% less than that paid a year earlier, resulting in a payment of 10.3 billion N.

The pan-African lender, which operates on 23 markets outside of its Nigerian base recorded modest growth of 6.1% of its net profit for the first half of the year, compared to same period of 2024, according to its audited results report published on Thursday.

UBA recorded a 32.9% increase in interest income, the decision of the Central Bank of Nigeria to maintain the interest rate unchanged twice during the period that left loan rates high.

However, the high interest costs have led to a growth in net interest income to 773 billion of naira, by only 14.6%.

The UBA provision for loans and advances whose chances of repayment have become doubtful due to repeated defaults fell to 35.2 billion naira from 58.6 billion nairas a year ago.