January 15, 2018

UBA Board to consider 2017 financial statements, proposed dividend

By Peter Egwuatu

United Bank for Africa (UBA) Plc has announced its upcoming Board meeting, scheduled for Monday, January 29, 2018, where members of the Board will consider the financial statements for the financial year ended 31 December 2017 and also proposals for final dividend for the period.

Notably, UBA has earlier paid an interim dividend of N0.20 per share, following the audit of its 2017 half year performance.

It will be recalled that in 2016, the Board declared a final dividend of N0.55/share,  in addition to the N0.20/share   interim dividend. With the bank’s earnings growth performance in the 2017 financial year, shareholders may  have a bumper harvest for the final dividend of 2017  financial year. In the first nine months of 2017, UBA Group reported an impressive  33 percent  year-on-year   growth in profit before tax to N78.3 billion, as against  N58.8 billion profit declared in the corresponding period of> 2016.

Notwithstanding higher effective tax rate, the profit after tax grew 23 percent year-on-year to N60.9 billion, compared to N49.5 billion in the corresponding period of 2016.

Relying on the continuous improvement in customer service and growing market share across its African operations, the Management, in a press statement noted the Group’s capacity to sustain the sterling earnings performance recorded in the first three quarters of 2017, and thus investors are betting for a strong finish to 2017.

“Whilst the bank’s results is been awaited, we believe, are currently being audited, market  has been bullish on the shares on the Nigerian Stock  Exchange, gaining 129 percent  in 2017 to rank as one of the best  performing stocks of the year. Year-to-date, the stock has also gained 18% to close at N12.07  on Friday, January 12, 2018″ the statement added.

As a mark of its sound corporate governance and in line with  NSE Rule Book and the Amendments to the Listing Rules, the Bank announced commencement of its closed period on Friday, January 12, 2018, thus meaning that directors, persons discharging  managerial responsibility, employees with sensitive  information, advisers and consultants of the Bank and their connected persons may not directly or indirectly deal in the  securities (equity and debt)  of the Bank until 24 hours after the publication of its audited 2017 Full Year Reports and Accounts.