Following its impressive performance at the end of the 2017 financial year, the shareholders of United Bank for Africa Plc have lauded the bank’s performance and its increased dividend payout.
The Chairman, Ibadan Shareholders Association of Nigeria, Mr. Eric Akinduro, commended the management of the financial institution for their hard work in ensuring that the bank recorded improved performance in the year under review.
He said, “I urge it to continue to do more and tasked the team not to rest on their oars but to work harder in ensuring that this momentum is sustained and even surpassed in 2018.
“The bank’s recent announcement of promoting over 47 per cent of its workforce within the last 12 months is also a commendable feat at a period when many banks and companies had dismissed a lot of their staff members, owing to the recession that hit the country about two years ago.”
A shareholder and analyst, Nonah Awoh, who also commended the bank for the performance, tasked the management to do more to ensure that all the African subsidiaries contributed at least 50 per cent to the bottom-line.
Meanwhile, the Chairman of the bank, Mr. Tony Elumelu, had said the bank recorded strong growth in both top and bottom lines with N462bn earnings and a 20 per cent growth, over its performance in
2016.
He said, “Overall, our bank grew profit before tax by 16.1 per cent to N105.3bn. 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 UBA’s presence there while UBA will also benefit from Mali.”
The Managing Director, Mr. Kennedy Uzoka, promised shareholders that the team remained poised to do more in the coming
year.
He said, “Given the operating environment in 2017, I am very pleased with our profitability – a significant 16.1 per cent growth in profit before tax to N105.3bn – whilst we have also focused keenly on operational efficiencies, illustrated by the reduction in our Cost-to-Income Ratio, and we are well-positioned to achieve more in the next financial
year.”
