The Chairman of United Bank for Africa (UBA) Tony Elumelu has urged Nigerian, particularly the investing public to support the newly launched Federal Government Economic Recovery and Growth Plan (ERGP) for 2017-2020, Elumelu disclosed this at the bank 55th Annual General Meeting (AGM) in Lagos.
The UBA chairman noted that as part of people from the organized private sector that made an input to the economic plan, pointed out that if well supported the country will be on prosperity path. He also commended the Central Bank of Nigeria (CBN) on the way the economy and the foreign exchange issues had been handled, while he urged the apex bank to sustain the current initiative in the past few weeks.
Meanwhile, shareholders have approved the payment of N19.9 billion as final dividend for the financial year ended December 31, 2016, which translates to 55 kobo per share on every ordinary share of 50 kobo each. This is in addition to 20 kobo interim dividend that was paid for the half year of 2016. This increases total dividend for the year under review to75 kobo.
A brief analysis of the company 2016 full year account shows that profit before tax rose to N91 billion from N68 billion in 2015, while profit after tax grew to N72 billion from N60 billion.
Meanwhile, most of the shareholders who spoke at the 55th AGM of the bank were disturbed about the high rise of impairment which moved from N5.6 billion in 2015 to N27.6 billion in 2017.
They also complained on the sanctions placed on the bank by CBN on ATM frauds which amounted to N48 million naira.
Reacting to the impairment issue, the GMD Kennedy Uzoka said the increase was due to the micro-economic problems such as Forex scarcity last year, fall of oil in international market and the restiveness in the Niger Delta area which has been subdued for now. He promised that this year will be different because Forex rate is coming down, Niger Delta is peaceful now and oil is selling above $50 in the international market.
Speaking on the group performance, the GMD UBA told shareholders that UBA Africa which started in 2008 has 18branches out of which 16 made profits while only two had small problems Kenya and Mozambique.