BUSINESS

UBA Shareholders Celebrate Record Performance, Dividend Payout

 

Shareholders of United Bank for Africa (UBA) Plc have lauded the bank’s board, management, and staff for their impressive performance in recent years, culminating in a final dividend payout of N78.7 billion for the 2023 financial year.

The accolades came during the bank’s 62nd Annual General Meeting held at the Congress Hall of Transcorp Hotels in Abuja on Friday.

During the meeting, shareholders unanimously approved the Board of Directors’ proposal to raise additional capital through the issuance of various securities in both Nigerian and international markets.

According to the bank, the initiative is aimed at bolstering the bank’s capital base and supporting future growth.

Group Chairman Tony Elumelu addressed shareholders, urging them to reinvest their dividends in the bank’s upcoming rights issue.

“We will be giving you the first opportunity to own a share in all the countries where we operate. As for my board members and I, we will be investing 100% of the dividends we receive, as we believe in the future growth of our bank,” Elumelu stated.

For 2023, UBA declared an interim dividend of N17.1 billion, translating to 50 kobo per share for the first half of the year. This, combined with the final dividend, brought the total payout for the year to N95.8 billion, or N2.80 per share.

In a surprising move, shareholders received their dividend payouts during the meeting, prompting open excitement.

The shareholders subsequently in separate remarks commended the bank’s robust performance, particularly the contributions from its African subsidiaries, which significantly boosted the Group’s total income.

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In his remarks, a shareholder, Alhaji Mukhtar Mukhtar praised the leadership of Tony Elumelu and Group Managing Director Oliver Alawuba, highlighting the bank’s strong balance sheet and asset growth to over N20 trillion.

Patrick Ajudo, another shareholder, expressed satisfaction with the dividend payout, recalling Elumelu’s promise to move from small dividends to more substantial payouts.

“We are proud to be associated with a brand that keeps its promises and upholds integrity,” Ajudo said.

Another shareholder, Barrister (Mrs) Adetutu Siyanbola lauded the bank for its 75 years of operations, gender balance on the board, and compliance with regulatory standards, as evidenced by the absence of penalties in 2023.

In the 2023 financial year, UBA recorded significant growth in gross earnings, which soared by 143% to N2.07 trillion, up from N853.2 billion in 2022. Total assets increased by 90.22% to N20.65 trillion, and profit before tax surged by 277% to N758 billion. Profit after tax also rose by 257%, reaching N607 billion.

Speaking at the event, Group Managing Director Oliver Alawuba attributed the bank’s success to its strength, team dedication, and strategic leadership in innovation and sustainability.

“Our African subsidiaries contributed over 55% to the bank’s profit this year, and we will continue to leverage our diversified operations for further growth,” Alawuba stated.

As UBA enters 2024, it remains focused on market leadership and exceptional customer experience, bolstered by a strong capital position and resilient operations.

United Bank for Africa is a major employer in Africa’s financial sector, with 25,000 employees and over 35 million customers worldwide.

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Operating in twenty African countries and internationally in the UK, USA, France, and UAE, UBA offers retail, commercial, and institutional banking services, driving financial inclusion with advanced technology.

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