Shareholders praise Board and Management of UBA Group
April 30, 2018 By Hassan Gbassay Koroma
Kudus Chairman Tony Elumelu and MD/CEO Kennedy Uzoka
Shareholders of one of the leading financial institutions in Africa, United Bank for Africa Plc. have praised the bank’s Board and management for the impressive performance achieved in the 2017 financial year.
They lauded the remarkable growth and profitability of the Group’s subsidiaries, which contributed 45 percent of the UBA Plc’s profit for the year.
Thousands of shareholders who attended the Bank’s 56th Annual General Meeting in Lagos last Monday extolled staff, management and the Board of Directors for the impressive performance and growth of the Group, which has afforded the steady growth in dividend payment to shareholders.
At the General Meeting of Members of UBA Plc, which was duly attended by regulators, including representatives of the Central Bank of Nigeria, Nigeria Deposit Insurance Commission, the Nigerian Stock Exchange and the Corporate Affairs Commission, the shareholders unanimously approved that a final dividend of 65 Naira per share be paid on every ordinary share of 50 Naira each.
The final dividend is in addition to the approved 20 Naira per share interim dividend paid to shareholders in September 2017, following the audit of the Bank’s Half Year Results. Hence, the final dividend of 65 Naira per share puts the total dividend for the 2017 financial year at 85 Naira per share, a 13% growth over the 75 Naira per share dividend paid to shareholders from the 2016 financial year profit.
Chairman, Progressive Shareholders Association of Nigeria, Boniface Okezie, praised the Group’s Managing Director and /Chief Executive Office, Kennedy Uzoka for his hard work on customer service, product innovation and more importantly, the continuous improvement in the Group’s profitability.
“I want to specially commend the Management of UBA, especially the Chairman, Tony Elumelu and GMD/CEO Kennedy Uzoka, who have respectively led the Board and Management of our great institutions over the past two years. We, the shareholders, are impressed at your achievements for our Bank. The results speak to your commitment and hard work toward the progress of our company, especially as I am particularly excited by the profit contributions of our subsidiaries outside of Nigeria,” he said.
He furthered that they were impressed with what the Bank was doing across the continent.
He also praised the Bank on the recent promotion of over 47% of its workforce, within 12 months, adding that it remained a commendable feat at a period when many banks and companies were laying off staff due to the recession that rocked the country about two years ago.
He said it was apparent that UBA Plc. was doing well and putting smiles not only on the faces of customers and shareholders, but also on the staff and that they were of the view that when staff are satisfied they will do more to attract more customers to the bank, which will in turn grow the business.
Timothy Adesiyan, also a shareholder, commended the bank for being the first in Africa to embrace artificial intelligence technology into the banking space through the introduction of UBA’s Virtual Banking Robot, called “Leo” and also pointed out the various achievements of the bank in the year under focus, which according to him have not gone unnoticed by the world.
He said shareholders remained impressed that UBA’s investments in key countries such as Ghana, Bukina Fasso and Cote d’Ivoire were paying off, adding that the bank has become a catalyst for growth in Africa.
Addressing shareholders earlier at the event, UBA Group Chairman Tony Elumelu said the bank recorded strong growth in both top and bottom lines with N462 billion earnings and a 20% growth, over its performance in 2016.
He said that overall, their bank grew profit before tax by 16.1% to N105.3 billion and more importantly, the bank remains financially strong and that their balance sheet was well protected, while their commitment to exceeding regulatory requirements remaining unhindered.
He said they recently opened operations in Mali because that country’s economy was a viable one and will contribute to their bottom line and that Mali will benefit from UBA’s presence across Africa, especially with the economic and trade ties with Senegal, Guinea and Mali and UBA Group as well as other subsidiaries.
Also speaking earlier, the Group Managing Director and Chief Executive Officer, Kennedy Uzoka, promised shareholders the team remained poised to do more in the coming year given the operating environment in 2017.
He noted that he was very pleased with their profitability – a significant 16.1% growth in profit before tax to N105.3 billion, whilst they have also focused keenly on operational efficiencies illustrated by the reduction in the Cost-to-Income Ratio.
He noted that they were well positioned to achieve more in the next financial year as the bank has built as a great brand that was recognised all over the world, adding that because of that, they have decided to focus their strategy on what customers want rather than what they like.