The shareholders at the bank’s 56th Annual General Meeting, AGM held on Monday commended the Board and management of the bank on its expansion drive to other African countries and returns to shareholders.
The shareholders’ leaders, such as Mr. Boniface Okezie, Bishop Goodluck Akpore, Nonah Awoh, Timothy Adesiyan, Alhaji Mukhtar Mukhtar said “We are pleased with the performance of the bank and its expansion drive to other African countries that has yielded about 46 per cent growth to the bank’s profitability. We also commend the bank for promoting over 2000 workers of all classes, despite the unfavorable economic condition. We also hope by next year the Board should be able to increase the dividend to at least N1.00 per share. We understand the operating environment the bank had operated and hope by next year things would be better. We also appreciate the Board for making us to be part owners of our subsidiaries which we are reaping.”
Addressing shareholders at the meeting, the Chairman of UBA, Mr. Tony Elumelu commended the shareholders for their invaluable contributions to the development of the bank.
According to him, “Our results show the tenacity and enterprise of our management team, the staff which you have commended and the ability to give our customers what they want. Our performance, notably in capital adequacy and risk management, illustrates the commitment of our Board to the best governance principles. We wish to focus on long term growth, which is sustainable and we will not sacrifice these goals for short term gain or advantage. We have noted your demand for higher dividend and we will do that when the revenue rises.”
The bank’s gross earnings grew substantially to N462bn, up by 20 per cent from N314bn recorded in the corresponding period of 2016.
The group reported a 16 per cent year-on-year growth in its PBT, compared to N90.6bn in the 2016 financial year. Its profit after tax also rose to N78.6bn, representing an 8.8 per cent year-on-year growth compared to N72.3bn in 2016.
The bank’s subsidiaries outside Nigeria contributed a third of the group’s top-line and 45 per cent of the profit for the year, which is an improvement from 31 per cent contribution made by the ex-Nigeria offices in 2016. This was said to have affirmed the success of the bank’s expansion strategy, with target of 50 per cent contributions by 2020.
The bank’s operating income grew to N326.6bn, a 20.6 per cent increase compared to N270.9bn recorded in 2016, which represents the capacity of the group to deliver strong performance through varying economic cycles and challenging business environment, the bank said in a statement.
The audited results also showed that the bank’s total assets peaked at N4.07tn, translating into 16.1 per cent year-on-year growth from N3.5tn recorded as at the 2016 financial year. In the 2017 financial year, the bank’s net loans recorded a 9.7 per cent growth at N1.65tn, while the customer deposits grew to N2.73tn, representing 10 per cent year-on-year growth on N2.49tn recorded in 2016 financial year.
In 2017, the bank’s net loans achieved a prudent 9.7 per cent growth at N1.65 trillion, while customer deposits grew to N2.73 trillion, representing a 10 per cent YoY growth over the N2.49 trillion recorded in the 2016 financial year.
The bank’s shareholders’ fund also appreciated by 18.2 per cent to N529.4bn in the 2017 financial year.
Group Managing Director/CEO of UBA, Mr. Kennedy Uzoka said “I commend shareholders for your support. The 2017 outlook remains positive in most of our markets. We are not unaware of the macro challenges, competition and constantly changing customer preferences. We will further sweat our unique Pan Africa platform to improve productivity, extract efficiency gains and grow our share of customers’ wallet across all business lines and markets.