- Shareholders Laud UBA’s Higher Dividend, Subsidiaries’ Performance
Shareholders of United Bank for Africa Plc have expressed satisfaction over the 2017 full-year financial performance of the bank and the increased dividend payout declared by the lender.
They expressed their views at the 56th Annual General Meeting of the bank held in Lagos on Monday, and lauded the achievements of its African subsidiaries, which contributed over 45 per cent of the group’s income.
For the financial year ended December 2017, UBA’s management proposed a total dividend per share of N0.85 comprising of N0.20 interim dividend, which was already paid by mid-2017 and a final dividend of N0.65 which was ratified by shareholders during the AGM.
The Chairman, Progressive Shareholders Association of Nigeria, Mr. Boniface Okezie, praised the bank’s Chairman, Tony Elumelu and the Group Managing Director/Chief Executive Officer, Kennedy Uzoka, for their hard work in ensuring that the bank recorded improved performance in the year under review.
“We the shareholders urge you to continue to do more and would advise Uzoka and his management team not to rest on their oars but to work harder in ensuring that this momentum is sustained and even surpassed in the coming year,” Okezie added.
Shareholders also praised the bank on its recent announcement of promoting over 47 per cent of its workforce within the last 12 months, adding that it remained a commendable feat at a period when many banks and companies had dismissed a lot of their staff members owing to the recession that hit the country about two years ago.
A shareholder and analyst, Nonah Awoh, who also commended the bank for the performance, also tasked the management to do more to ensure that all the African subsidiaries contribute at least 50 per cent to the bottom-line.
Addressing shareholders earlier at the event, Elumelu, said the bank recorded strong growth in both top and bottom lines with N462bn earnings and a 20 per cent growth, over its performance in 2016.
He said, “Overall, our bank grew profit before tax by 16.1 per cent to N105.3bn. More importantly, the bank remains financially strong, our balance sheet is well protected and our commitment to exceeding regulatory requirements remains. We recently opened for operations in Mali, because that economy is a viable one and would contribute to our bottom-line. Mali will benefit from UBA’s presence there while UBA will also benefit from Mali.”
He said the bank will continue its investments as well as its donations to worthy causes.
In his address, Uzoka, promised shareholders that the team remained poised to do more in the coming year.
“Given the operating environment in 2017, I am very pleased with our profitability – a significant 16.1 per cent growth in profit before tax to N105.3bn – whilst we have also focused keenly on operational efficiencies, illustrated by the reduction in our Cost-to-Income Ratio, and we are well-positioned to achieve more in the next financial year,” he said.