Pan-African bank now operational in 23 countries
By Nsikan Ikpe
The United Bank For Africa (UBA) Plc has restated its commitment to helping to grow the business climate of Africa, affirming that it does have a great vision for the continent.
A leading pan-African financial services group with strong business musle in no fewer than 20 African Countries presently as well as the United Kingdom, the United States of America and France, the bank says that at the same time, it is also very keen on delivering sustainable returns to shareholders.
‘Our purpose in Africa is to be a catalyst for growth in the markets where we operate, providing the leverage for business to grow and accelerating economic prosperity. Through these, we hope to see Africans fulfill their dreams,’ the Chairman of the Bank’s Board, Mr Tony Elumelu, affirmed at its 56th Annual General Meeting (AGM) in Lagos, recently.
Continuing, Elumelu also stressed the long-term goal of contributing to the grand vision of helping to lift the continent out of its present state of under-development, under-achievement and poor performance.
‘We are commited to investing in the future of this financial services group to achieve our collective goal of building not just a good company but a great African institution that is equally primed to achieve global competitiveness.
Our purpose in Africa is to promote sustainable business growth; we hope to see Africans fulfill their dreams. Our aspiration for Africa is shared prosperity that guarantees that everyone has access to basic necessities of life.
Rising from the AGM, the bank paid a final dividend of N0.65kobo per unit of ordinary share held by shareholders in addition to an interim dividend of N0.20kbo per unit of ordinary share bringing the total dividend pay-out for the 2017 financial year to N0.85 kobo per unit of ordinaryshare.
An additional boost was also recorded as the Group’s profit before tax now stands at N105 billion, indicating a 16 percent growth over its 2016 performance.
Associatedly, the Group’s profit after tax rose to N78, 590 billion compared to N72.264 billion in 2016 while the Group balance sheet equally grew by 16 percent year on year to cross the N4 trillion mark. Most notably, this strong profitability surge reflects the increasing contribution of UBA African subsidiaries to the overall business performance of the Group. Equally, the expanded Group profitability in the year also reflects some of the Bank’s initiatives in the areas of processes and treasure management.
Speaking also at the event was the Group Managing Director/ CEO, UBA, Mr. Kennedy Uzoka, who stressed the imperative of continuing to build stronger financial institution in Nigeriaand Africa inclusive, while equally maintaining a commitment to ‘first principles.’
‘We will remain committed to our sustainable banking principles and risk management practices. We are committed to our ultimate responsibility of creating sustainable wealth for shareholders,’ Uzoka stressed.
Responding to questions, the Group Managing Director maintained that the bank would continue to do everything that it could to ensure that it grows sustainable revenue for the benefit of shareholders.
‘Our primary focus is to empower people, businesses as well as private and public institutions to fulfill their financial transactions in the most convenient manner. I am optimistic about the future of our business and the capability to sustainably deliver superior value to all stakeholders. United Bank for Africa PLC is a customer focused Pan-African financial services group aimed at promoting high quality financial solutions for our teeming customers,’ Uzoka expressed.
The bank currently has over 14 million customers in the retail, commercial and corporate segments of the markets in which it operates, with its footprints being spread across 23 countries.
Mr Tony Elumelu, Chairman, UBA Group