Shareholders of United Bank for Africa (UBA) Plc today, Friday, April 25, 2014 unanimously endorsed the bank’s
annual report and accounts for the year ended 31 December, 2013 just as they
commended the board and management for sustaining the bank’s profitability,
despite the challenging operating environment.
annual report and accounts for the year ended 31 December, 2013 just as they
commended the board and management for sustaining the bank’s profitability,
despite the challenging operating environment.
Phillips Oduoza, GMD/CEO
Speaking at the bank’s Annual
General Meeting, held at the Oriental Hotel, Lekki, Lagos, the shareholders
extolled the board for consistently delivering value on their investments in
the bank. They also approved a N16 billion dividend pay-out amounting to N0.50 per share as recommended by the
board.
General Meeting, held at the Oriental Hotel, Lekki, Lagos, the shareholders
extolled the board for consistently delivering value on their investments in
the bank. They also approved a N16 billion dividend pay-out amounting to N0.50 per share as recommended by the
board.
Speaking at the AGM, National
Coordinator, Independent Shareholders association of Nigeria (ISAN, Sir Sunny
Nwosu said, “the board and management should be commended for the way they
handled last year’s operations of the Bank, they have done well and we look forward
to a better dividend next year.”
Coordinator, Independent Shareholders association of Nigeria (ISAN, Sir Sunny
Nwosu said, “the board and management should be commended for the way they
handled last year’s operations of the Bank, they have done well and we look forward
to a better dividend next year.”
Giving the Bank’s scorecard
for the year under review, Chairman, Ambassador Joe Keshi, said UBA has been
able to consistently deliver value to shareholders, due to the bank’s resilient
business model, and despite the unanticipated domestic and global headwinds
faced by the industry.
for the year under review, Chairman, Ambassador Joe Keshi, said UBA has been
able to consistently deliver value to shareholders, due to the bank’s resilient
business model, and despite the unanticipated domestic and global headwinds
faced by the industry.
Speaking on the bank’s
financial performance, he said, the UBA Group recorded gross earnings of N264.7
billion for the period under review, an increase of 20% over the N220.1 billion
recorded in 2012.
financial performance, he said, the UBA Group recorded gross earnings of N264.7
billion for the period under review, an increase of 20% over the N220.1 billion
recorded in 2012.
“The headline performance was
buoyed by growth in interest income and non-interest revenue. Loan growth and
improved pricing boosted interest income which grew by 24%, whilst Non-interest
income grew by a modest 15%. Profit before income tax was up by 8% to N56.1
billion compared to N52.0 billion in the prior year (2012).”
buoyed by growth in interest income and non-interest revenue. Loan growth and
improved pricing boosted interest income which grew by 24%, whilst Non-interest
income grew by a modest 15%. Profit before income tax was up by 8% to N56.1
billion compared to N52.0 billion in the prior year (2012).”
“We believe the bank is
poised to deliver better performance in 2014 as the underlying momentum of the
Group’s business continues to be robust,” Ambassador Keshi said.
poised to deliver better performance in 2014 as the underlying momentum of the
Group’s business continues to be robust,” Ambassador Keshi said.
Also speaking during the AGM,
GMD/CEO, Phillips Oduoza said the bank’s
African subsidiaries recorded overall revenue growth of 22% in 2013 to
N49.9 billion, from N41.5 billion in 2012. He stressed that revenue growth rate
in 2013 surpassed the 18% growth in the previous year. Also, the equity base
attributable to the African subsidiaries remained strong at N55.2 billion, from
N45.7 billion in 2012.
GMD/CEO, Phillips Oduoza said the bank’s
African subsidiaries recorded overall revenue growth of 22% in 2013 to
N49.9 billion, from N41.5 billion in 2012. He stressed that revenue growth rate
in 2013 surpassed the 18% growth in the previous year. Also, the equity base
attributable to the African subsidiaries remained strong at N55.2 billion, from
N45.7 billion in 2012.
Oduoza emphasized that
while key strategic imperatives as defined in 2013 remains the major thrust for
the actualisation of the bank’s “PROJECT ALPHA” corporate goals, management
will leverage on the viable platform established in 2013 to further consolidate
on the current growth momentum.
while key strategic imperatives as defined in 2013 remains the major thrust for
the actualisation of the bank’s “PROJECT ALPHA” corporate goals, management
will leverage on the viable platform established in 2013 to further consolidate
on the current growth momentum.
“We will adopt a very
aggressive approach to market and ensure focused implementation of our
strategic priorities, to drive achievement of our corporate targets,” he added.
aggressive approach to market and ensure focused implementation of our
strategic priorities, to drive achievement of our corporate targets,” he added.
He disclosed that as a
proactive Bank, UBA has adequately resourced and re- aligned its structures to
optimise emerging opportunities arising across all the regional blocs, while
also adopting appropriate risk management frameworks to mitigate likely
exposures in its operations both within the local and global environment.
proactive Bank, UBA has adequately resourced and re- aligned its structures to
optimise emerging opportunities arising across all the regional blocs, while
also adopting appropriate risk management frameworks to mitigate likely
exposures in its operations both within the local and global environment.
