What Shareholders said about UBA’s financial performance at AGM

United Bank for Africa (UBA) Plc held its 53rd Annual General Meeting (AGM) on Friday, 24th April, 2015 at the Oriental Hotel in Lagos where shareholders commended the board and management   over the 2014 performance of the Bank.

Chairman, UBA Plc, Mr Tony O. Elumelu, CON( Right) and Group Managing Director/CEO, UBA Plc, Mr. Phillips Oduoza, during the 53rd Annual General Meeting of the Bank  in Lagos. 

Shareholders also approved the annual reports and accounts presented by the Board and all resolutions presented at the AGM, including the dividend proposal.

Shareholders were particularly excited at the increasing penetration of the Bank in other African countries, praising the emergence of UBA as the best bank in Cameroun and Senegal for the fourth and third consecutive year respectively.

The shareholders agreed with the Board’s recommendation of N0.10 dividend per share, which allows the Bank to retain much of its earnings for the benefit of growing its business in the years ahead.

 They expressed optimism in the ability of the Bank to deliver sustainably high returns to them over the medium to long term. 

A cross section of UBA Board members at the AGM 

"I congratulate the board appointment of Tony Elumelu as the chairman. He has proven himself as a dogged businessman and we know he will preserve and enhance the bank’s corporate governance practices. I am also happy with the bank’s performance, I have no doubt that it will continue to improve,” said Mukhtar Mukhtar, one of the bank’s shareholders.

Another Shareholder, Alhaji Kabiru Tambari praised Management for focusing on both the short and long term growth of the bank, saying that shareholders are not only interested in the profit the Bank makes this year but also in the ability of the Bank to sustain its leadership position over the long term.
The Chairman, Board of Directors of UBA Plc, Tony O. Elumelu, CON, also thanked shareholders for their support and reiterated the commitment of the Board and Management in sustaining the leadership and dominant position of UBA on the continent.

He also said that UBA will adhere strictly to the best practice in corporate governance. Elumelu explained that the bank’s dividend policy in the current financial year was guided by the need to be prudent.
Shareholders at the UBA AGM 

“Though UBA is adequately capitalized with capital adequacy ratios in excess of regulatory requirement, we proactively raised additional capital during the year to further boost our capital base and it would not have been prudent to pay so much dividend after raising capital from the market. Shareholders should however expect higher dividend in future” said Elumelu. 

Speaking on the bank’s financial performance, Elumelu said, “we recorded a gross earnings of N290 billion in the year, an appreciable growth of 10% over our performance in 2013. This improved performance was buoyed by the increased volume of transaction across all our service channels and growing share of our customers’ wallet. Notwithstanding the relatively high cost of doing business in Africa in the year, we remained prudent in our operations, thus ensuring our profitability in the year. Given increased extraction gains from our unique Pan-African platform, we are optimistic on delivering a stronger performance in 2015.” 

Mr. Tony Elumelu is also optimistic about the bank’s pan-African operations, especially as the threat of Ebola virus eases.

He disclosed that the bank donated towards the fight of Ebola in countries where it operate, as a responsible corporate entity that is committed to the development of the host communities.

“It is important to note that we didn't close shop in any of the Ebola affected countries throughout the period of these crises and none of our staff was affected, given the proactive measures put in place by the Management of the Bank” Elumelu told shareholders.

Phillips Oduoza, the Group Managing Director and Chief Executive Officer of UBA Plc, also affirmed that UBA  is gaining critical mass across the African continent and the benefit is fast reflecting in the contribution of the African subsidiaries to the Group’s profit.

“In 2014, the African subsidiaries contributed one-fifth of our earnings, a unique diversification benefit which UBA offers its shareholders. We will profitably and prudently grow our market share in all the 19 African countries (including Nigeria), where we operate, as we look forward to delivering superior returns to our shareholders” Oduoza said.

United Bank for Africa Plc is one of Africa's leading financial institutions offering banking services to more than 8 million customers across 700 branches in 19 African countries and 3 global financial centres. With presence in New York, London and Paris, UBA connects people and businesses across Africa and the rest of the world through retail, commercial and corporate banking, innovative cross border payments, trade finance and remittances.
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