UBA shareholders approve N29.1bn dividend declared for 2018

United Bank for Africa (UBA) Plc shareholders on Tuesday approved payment of N29.1 billion dividend for the financial year ended December 31, 2018, during its annual general meeting held in Lagos.

The dividend translated to 20k interim dividend paid in September and final dividend of 65k per share, bringing the bank’s total dividend declared to 85k per share. “We have a duty to look beyond today, we look into the future in UBA.As we progress with the execution of our strategies, we approach 2019 with stronger optimism.

Our immediate priorities are clear; our collective commitment to a service delivery that always surpasses the expectations of customers,” Kennedy Uzoka, the Group’s Managing Director, said at the meeting. Additionally, Chairman, Association for the Advancement of the Rights of Nigerian Shareholders, Dr Farouk Umar, praised the bank for maintaing enhanced dividend payout in spite of the challenge being experienced in the operating environment.

Also speaking at the event, National Coordinator, Progressive Shareholders Association of Nigeria, Boniface Okezie, commended the bank’s Chairman, Tony Elumelu, for supporting youth development and job creation through his foundation. Responding, Elumelu said that the bank would continue to deliver superior return to all esteemed shareholders, going forward. He said that the company was on a stronger footing to gain market share in Nigeria and the other 19 African countries where it operates.

UBA group posted profit before tax of N106.77 billion compared with N104. 22 billion achieved in the corresponding period of 2017, and profit after tax stood at N78.61 billion in contrast with N77. 55 billion in 2017.