Stories by Peter Egwuatu
THE shareholders of United Bank for Africa, UBA Plc have unanimously endorsed its Board of Directors proposed dividend of N19.9 billion for the financial year ended December, 2016, in addition to N7.3 billion interim dividend paid after the audit of its 2016 half year.
The total dididend translates to a total of 75 kobo per share.
The shareholders at the 27th Annual General Meeting, AGM held last weekend commended the Board and management of the bank on its expansion drive to other African countries.
The shareholders’ leaders, such as Dr. Farouk Umar, Bishop Goodluck Akpore, Nonah Awoh, Olufemi Timothy, AlhaJi Mukhtar Mukhtar said “ We are pleased with the performance of the bank and its expansion drive to other African countries that has yielded about 32 per cent growth to the bank’s profitability. We also commend the bank for promoting over 3000 workers of all classes, despite the unfavourable economic condition. We also hope by next year the Board should be able to increase the dividend to at least N1.00 per share. We understand the operating environment the bank had operated and hope by next year things would be better. We also appreciate the Board for making us to be part owners of our subsidiaries which we are reaping.”
Addressing shareholders at the meeting, the Chairman of UBA, Mr. Tony Elumelu commended the shareholders for their invaluable contributions to the development of the bank.
According to him, “Our results show the tenacity and enterprise of our management team, the staff which you have commended and the ability to give our customers what they want. Our performance, notably in capital adequacy and risk management, illustrates the commitment of our Board to the best governance principles. We wish to focus on long term growth, which is sustainable and we will not sacrifice these goals for short term gain or advantage. We have noted your demand for higher dividend and we will do that when the revenue rises.”
The bank recorded N384 billion gross earnings in the 2016, representing a growth of 22 per cent over the N3125 billion in 2015; Profit Before Tax , PBT was N90.6 billion, representing a growth of 32 per cent from N68 billion in 2015; Profit After Tax, PAT surged to N72 billion, representing a growth of 22 per cent from N59 billion in 2015; Capital Adequacy Ratio of 20 per cent and Non Performing Loan, NPL ratio OF 3.9 per cent.
In his speech, Group Managing Director/CEO of UBA, Mr. Kennedy Uzoka said “I commend shareholders for your support. The 2017 outlook remains positive in most of our markets. We are not aware unaware of the macro challenges, competition and constantly changing customer preferences. We will further sweat our unique Pan Africa platform to improve productivity, extract efficiency gains and grow our share of customers’ wallet across all business lines and markets