UBA regales shareholders with pays N95.8bn Dividends

Africa’s Global Bank, United Bank for Africa (UBA) Plc, has regaled shareholders with N2.80 dividend per share which translates to total dividend of N95billion.

The dividend pay out of N78.7bn as final payment was the highpoint of its 2023 Annual General meeting held,Friday at the Congress Hall of Transcorp Hotels Abuja .
The bank had earlier declared an interim dividend of N17.1bn which translated to 50 Kobo per share for the first half of 2023, this bringing the total dividend pay out to N95.8billion.
Share holders at the 62nd Annual General Meeting took turns to laud the board, management and staff of the Bank on the impressive performance recorded over the past years .
They massively voted to approve the Board of Director’s proposal to raise additional capital through the issuance of securities comprising ordinary shares, preference shares, convertible and/or non-convertible notes, bonds or any other instruments in the Nigerian and/or international capital market.

The Group Chairman, Mr. Tony Elumelu, his address, urged shareholders to participate fully and re-invest their dividends in the bank’s recapitalisation drive in order to enjoy higher returns on their investments.

His words: “I call on you shareholders to re-invest a substantial part of your dividends in our rights issues which will be announced soon, as we will be giving you the first opportunity to own a share in all the countries where we operate, I am advising shareholders, as you get your dividends, reinvest a significant part of it. As for my board members and I, we would be investing 100% of the dividends we get, because if we don’t do so, it means we would be leaving food on the table for others who did not labour for it”

Shareholders instantly received their dividend payouts after the resolution on dividend payments was passed, hence the open excitement from the shareholders.

Further more, the visibly elated shareholders commended the bank’s management over the stellar performance for the 2023 financial year, which led to the large payout of dividend even as they extolled its thriving business in its African subsidiaries.

Thereafter, shareholders took turns to commend the board and management. Alhaji Mukhtar Mukhtar, was the first to commend the Group Chairman, Tony Elumelu, and the Group Managing Director, Oliver Alawuba, in growing the bank to unprecedented heights.

“I want to specially commend the management and Board of UBA, especially the Chairman, Tony Elumelu and the GMD/CEO, Oliver Alawuba, who have been managing activities of this great institution over the past few years.

“We are impressed at the results that you have recorded so far, how you have managed to maintain a well-structured balance-sheet and diversified balance sheet with total Assets growing to over N20trn. The achievement that the bank has recorded under your leadership, especially the sterling contributions of our subsidiaries in Africa deserves accolades,” he enthused.

Similarly, Barrister (Mrs) Adetutu Siyanbola, another shareholder, praised the bank’s management for its operations over the decades, especially as it celebrates its landmark 75th year or platinum anniversary; gender balance on the board and zero infraction.
Going by its 2023 annual report, UBA recorded an impressive leap in gross earnings, as it grew from N853.2 billion recorded at the end of 2022 to close at N2.07tn; representing a strong 143 percent growth; total assets also rose remarkably by 90.22 percent, to close at N20.65 trillion up from N10.86 trillion in 2022.

Profit before tax, also rose exponentially by 277 percent, to close at N758billion, up from N200.88 billion recorded in 2022; while profit after tax (PAT) grew by 257 percent from N170.2 billion in 2022, to N607 billion.

In his comment, the Group Managing Director/CEO, Mr. Oliver Alawuba, pointed out that despite being a year of significant geopolitical and economic challenges, UBA’s strength, the effort and dedication of the team, and its leadership in strategic areas such as innovation and sustainability, helped the bank to grow in a profitable and sustainable manner,

“The outlook is great because we are diversified. Our African subsidiaries contributed over 55% to the bank’s profit this year, and we will do more. Already, the Bank entered 2024 from a position of strength, with proven resiliency, a powerful brand and a strong capital position.

“As we begin 2024, “execution” will continue to be on the front burner, with an unrelenting focus on market leadership and excellent customer experience at all touch points,” Alawuba explained.

United Bank for Africa is one of the largest employers in the financial sector on the African continent, with 25,000 employees group-wide and serving over 35 million customers globally. Operating in twenty African countries and in the United Kingdom, the United States of America, France and the United Arab Emirates, UBA provides retail, commercial and institutional banking services, leading financial inclusion and implementing cutting-edge technology.