The shareholders of United Bank for Africa Plc have approved a total dividend payment of N29.9bn from the 2018 financial year profit.
The shareholders, who expressed their appreciation during the group’s 57th Annual General Meeting in Lagos on Tuesday, commended the staff, management and board over the proposed dividend.
The group said its funding base had been strengthened and that the foundation for lower cost of funds in 2019 had been provided as retail deposits grew by 48 per cent in 2018.
The bank’s financial statement for the year ended December 31, 2018, showed that gross earnings grew by seven per cent to N494bn, compared to N461.6bn in the corresponding period of 2017.
Its total assets also grew by 19.7 per cent to N4.9tn for the year under review.
The President, Association for the Advancement of the Rights of Nigerian Shareholders, Dr Faruk Umar, said the feat the bank had achieved on the African continent would be difficult for any other bank of Nigerian origin to replicate.
He said, “I am impressed by the tenacity of this management in delivering on the vision of shareholders to create a leading and dominant pan-African financial service institution with a global reputation and culture.
“While it may have taken us some time to appreciate the cutting-edge vision of the Chairman, Mr Tony Elumelu, in expanding our group’s operation to Africa, we are today excited by the performance and contribution of these operations to our group’s earnings.”
Elumelu stated that the group was set to change the narrative of banking and would thus strengthen the earnings growth trajectory through its positive contribution in all the countries where it operates.
He said, “We are optimistic about the policy environment in most African economies where we operate as we expect the diligent implementation of fiscal policies to help stimulate inclusive economic growth, ease macro pressures and lower the cost of doing business.
“I am very optimistic that we will sustain the strong growth trajectory, as we continue to gain market share across Africa, leveraging our core values of enterprise, excellence and execution.”
