The United Bank for Africa (UBA) has endorsed the payment of N22.23 billion final dividend declared by the board for the financial year ended December 31, 2017.
The shareholders gave the approval at the bank’s 56th Annual General Meeting held in Lagos.
The final dividend translated to 65k per share, compared with the final dividend of 55k paid in the corresponding period of 2016.
The dividend was in addition to the 20k per share paid earlier as interim dividend.
Speaking at the meeting, the National Chairman, Progressive Shareholders Association of Nigeria (PSAN), Mr Boniface Okezie, commended the board and management for the dividend in spite of unfriendly operating environment.
Okezie lauded the bank for the enhanced dividend and its great work as well as achievements on the continent.
Okezie, however, called on the shareholders to leverage on the Securities and Exchange Commission (SEC) e-dividend initiative in order to bring down the bank’s unclaimed dividend totaling about N7 billion.
A shareholder, Mr Nona Awo, urged the bank’s management to engage the Sompany secretary and the registrars to tackle the unclaimed dividend figure.
He also commended the bank’s subsidiaries for improved contribution to the company’s performance indicators.
The Grand Patron, Nigerian Shareholders’ Solidarity Association, Mr. Timothy Adesiyan, appreciated the bank for the dividend and achievement during the year under review.
Adesiyan said the bank should conform to regulatory rules and regulations to avoid payment of unnecessary fines.
Responding, the bank’s Chairman, Mr. Tony Elumelu, assured the shareholders of enhanced returns in the years ahead.
Elumelu said the bank had opened a banking license a few months ago to operate UBA London, noting that it would continue to increase its footprint across the globe.
On unclaimed dividends, he said the bank would continue to create e-dividend awareness in partnership with APR Registrars to reduce the figure.
The Group Managing Director, Mr. Kennedy Uzoka, said the bank would leverage its Pan-African platform to deepen and formalise intra-Africa trade through cross-border synergies across its group operation.
Uzoka said the bank would focus on growing its market share and would remain committed to sustainable banking principles and risk management practices.
“Notwithstanding the ever-increasing competition from traditional peers and emerging Fintechs, we are approaching 2018 with strong optimism,” he said.
Uzoka said the bank had made a lot of investment in technology to drive business operations.
He assured the shareholders that the bank would ensure efficient service delivery in its operations.
The bank posted the profit before tax of N105.26 billion during the period compared to N90.64 billion in the previous year.
Its profit after tax stood at N78.59 billion in contrast with N72.26 billion in the comparative period of 2016.