Shareholders of the United Bank for Africa (UBA) yesterday approved the dividend of N22.23 billion for the 2017 financial year.
They expressed their glowing tributes at the bank’s 56th Annual General Meeting in Lagos and praised the board over the higher amount to be paid out as dividends following the impressive performance.
They also commended the management for the remarkable achievements of the bank’s African subsidiaries which contributed over 45 percent of the Group’s income
For the financial year ended December 2017, the Bank’s management proposed a total dividend per share of 85 kobo comprising of 20 kobo interim dividend which was already paid by mid-2017 and a final dividend of 65 kobo which was ratified by shareholders during the just concluded Annual General Meeting.
Addressing shareholders earlier at the event, the Group chairman, Mr. Tony Elumelu, said the bank recorded strong growth in both top and bottom lines with N462 billion 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 N105.3 billion. 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. On his part, the group managing director/chief executive officer, Mr. Kennedy 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 of 16.1 per cent growth in profit before tax to N105.3 billion, 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.
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