UBA shareholders praise the bank for improved dividend payout

• Approve 65k final dividend declared for 2018

Shareholders of United Bank of Nigeria (UBA) Plc on Tuesday praised the board and management of the bank for improved dividend payout even as they approved payment of final dividend of 65k per share declared for the financial year ended December 31, 2018.

This, in addition to the interim dividend of 20k paid in September 2018, brings the total dividend enjoyed by the investors in the leading financial institution to 85k per share, grossing N29.1 billion.

The shareholders gave the approval at the bank’s 57th Annual General Meeting (AGM) held in Lagos.

Speaking at the meeting, Dr Farouk Umar, Chairman, Association for the Advancement of the Rights of Nigerian Shareholders, lauded the bank for improved dividend declared during the period under review.

Umar said that the bank had maintained enhanced dividend payout in spite of the challenge being experienced in the operating environment.

He, however, said that shareholders were expecting nothing less than N1 dividend from the bank in the current financial year.

Mr Boniface Okezie, National Coordinator, Progressive Shareholders Association of Nigeria, who appreciated the bank for growth recorded in all performance indicators, bemoaned regulatory charges being imposed by regulators on commercial banks.

Okezie said that regulators should look for other ways of making money instead of short-changing shareholders.

He, however, commended the bank’s Chairman, Mr Tony Elumelu, for supporting youth development and job creation through his foundation.

Responding, Elumelu said that the bank would continue to deliver superior return to all esteemed shareholders, going forward.

He said that the company was on a stronger footing to gain market share in Nigeria and the other 19 African countries where it operates.

Mr Kennedy Uzoka, the Group’s Managing Director, assured shareholders of better returns in the years ahead.

“We have a duty to look beyond today, we look into the future in UBA.

“As we progress with the execution of our strategies, we approach 2019 with stronger optimism.

“Our immediate priorities are clear; our collective commitment to a service delivery that always surpasses the expectations of customers,” Uzoka said.

The group posted profit before tax of N106.77 billion compared with N104. 22 billion achieved in the corresponding period of 2017 while its profit after tax stood at N78.61 billion in contrast with N77.55 billion in 2017.