Saturday, 08 April 2017 01:34

UBA dividend booms despite recession and job cuts

Despite the recession, falling profits and job layoffs in the banking industry, United Bank for Africa, UBA, are set to pay out about N19.9 billion to shareholders for the financial year ending Dec 31, 2016, Per Second News learnt.

 

UBA’s dividend payouts is set to delight its shareholders to a final dividend of 55k per share, against 40k per share paid in 2015. This is in addition to the 20k interim dividend earlier paid by the bank, bringing the total dividend to 75k, against 60k declared in 2015.  

Shareholders gave approval of the payout at the 55th shareholders Annual General Meeting (AGM) held in Lagos. Investors praised the board of directors for being able to log a revenue gain despite the recession in the country. Mr Shola Aboderin, the immediate past Chairman, Ibadan Zone Shareholders Association, commended the bank for the dividend declared in spite of challenging operating environment.

Aboderin said that the bank’s earnings, profit before tax and capital adequacy ratio were impressive, despite economic headwinds.

He lauded the bank for financing many projects during the period under review, noting that it had added value to Nigeria and Africa as a whole.

Mrs Bisi Bakare, the President, Pragmatic Shareholders Association of Nigeria, said shareholders were happy with the 75k dividend declared in 2016 and urged the bank to do more in the current financial year.

Bakare said that the bank should continue to embrace cost efficient mechanism to minimise cost.

The bank posted gross earnings of N383. 65 billion during the year under review against N314.84 achieved in the previous year, an increase of 22 per cent.

Profit before tax stood at N90.64 billion in contrast with N68.45 billion in 2015, representing a growth of 32.4 per cent.

Its profit for the year increased by 21.1 per cent to N72.26 billion from,  N59.65 billion in the comparative period of 2015.

Chairman of the bank, Mr Tony Elumelu, assured that the bank would remain committed to enhance dividend to all stakeholders.

He said that the bank would focus on customer needs by delivering customer excellence to create sustainable shareholder value.

Elumelu, said its performance in capital adequacy and risk management illustrated the board’s commitment to the best governance principles.

Mr Kennedy Uzoka,  the bank’s Group Managing Director, attributed the company’s growth to culture of innovation in service and product offerings,  investment in most relevant new technologies and continuous investment in human capital.

Uzoka said UBA was no longer a Nigerian bank but a Pan-African bank, the only bank that operates in USA.

He said that the bank was a fully diversified portfolio that investors should embrace all the time.

Uzoka stated that 2016 was a challenging year due to macro economic challenges caused by foreign exchange challenge,  fall in oil price and Nigerian Delta unrest.

Last modified on Monday, 10 April 2017 05:39

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