Shareholders applaud UBA’s leadership vision

Chairman of the Association for the Advancement of the Rights of Nigerian Shareholders, Farouk Umar has praised the management of United Bank for Africa for its superlative financial performance. Umar attributed the impressive results released by the bank to excellent leadership, vision and management style of UBA Plc, describing it as the best in the industry.

Umar said this at the 47th Annual General Meeting (AGM) of the Bank which held Monday January 5, 2009 in Maiduguri, Borno State after the Bank’s shareholders had unanimously approved the final dividend of 75kobo per share and a bonus issue of 1 new share for every 4 existing shares, proposed by the bank’s Board when the 2008 financial results were released in November last year. Following the approval, dividend payment which expectedly will help to cushion the seasonal spending associated with this period, will commence soon for the bank commonly referred to as Africa ‘s global bank.

The approval of the final dividend as proposed by the Board of Directors brings to N1.38 kobo, the total amount of dividend paid out by the bank in the 2007/8 financial year ended September 30, 2008. The board had in July last year paid 25 kobo interim dividend and gave a bonus issue of 1 new share for 2 existing ones to the delight of shareholders.

Addressing the shareholders at the AGM, the Chairman of UBA Chief Ferdinand Alabraba thanked the shareholders on their unwavering support over the years saying that UBA is poised for continental leadership with the result posted by the bank during the year under review.

Highlighting the 2008 financial results, the Chairman said all performance indicators showed significant improvements with gross earning increasing by 55% to N169.5bn even as the bank continues to grow key business segments. He said that underlying profit grew by 82% to N56.8bn despite the global economic meltdown, while dividend distribution for the year increased by 15%.

He assured the shareholders that UBA has attracted and retained a pool of quality human capital with unique talents to execute the next growth plans. “Given the quality of human capital in our bank and coupled with strong fundamentals and the several initiatives we have put in place, we are poised to continue to deliver on shareholder value in the year ahead” he said.

Commenting further, Chief Alabraba said that though the year 2009 would be a challenging one, the UBA fundamentals and quality of human capital remain very strong to weather the storm.