Shareholders of United Bank for Africa (UBA) Plc on Monday hailed the board and management of the bank for the impressive performance recorded in 2017 and were highly pleased with the remarkable contributions of its African subsidiaries that accounted for over 45 percent of the groupâ€™s income.
The shareholders gave the commendation at the 56th annual general meeting in Lagos. UBA posted profit after tax (PAT) of N78.6 billion for the 2017 financial year and recommended a total dividend of 85 kobo per share, which ratified at the AGM. Speaking at the meeting, the Chairman, Progressive Shareholders Association of Nigeria, Mr. Boniface Okezie: â€œI want to especially commend the management of UBA especially the Chairman, Tony Elumelu and Group Managing
Director/CEO, Kennedy Uzoka, who have been managing activities of this great institution for the past two years. We, the shareholders are impressed with results that you have recorded so far and the achievements that the bank has recorded under your leadership, especially the sterling contributions of our subsidiaries in Africa. We are especially impressed with what the bank has been doing in Africa. It has gone a long way to show that good things can come from Africa. UBA has showcased a high level of ingenuity in the banking space, and we are glad for how this is translating into gains for our business.â€
Another shareholder, Mr. Timothy Adesiyan, commended the bank for being the first bank in Africa to embrace Artificial Intelligence technology into the banking space, through the introduction of UBAâ€™s Leo. Also, speaking at the meeting, Nonah Awoh, who commended the bank for the performance, equally tasked the management to do more to ensure that all the African subsidiaries contribute at least 50 per cent to the bottom-line.
In his address to shareholders, Elumelu, said the bank recorded strong growth in both top and bottom lines in 2017.
He said: â€œOverall, our bank grew profit before tax by 16.1 per cent to N105.3 billion. More importantly, the bank remains financially strong, our balance sheet is well protected and our commitment to exceeding regulatory requirements remains. We recently opened for operations in Mali, because that economy is a viable one and would contribute to our bottom-line. Mali will benefit from UBAâ€™s presence there while UBA will also benefit from Mali.â€
On his part, Uzoka said: â€œUBA has built a great brand that is recognised all over the world, and because of this, we have decided to be outside-focused rather than inside-focused. Being outside focused means we are concentrating on putting our customers first in all we do by making sure that we do things from the customersâ€™ standpoint.â€