Bank rises above water

United Bank for Africa, UBA plc says it will hold its AGM at Eko Hotel on 8 April, to ratify its proposed 40kobo dividend to shareholders.

The N22 billion(more than $100million) dividend will be paid to stakeholders on 12 April, the bank stated in an announcement sent to the Nigerian Stock Exchange today. The bank had paid an interim dividend of 20 kobo last year to shareholders, making a total of 60 kobo for the year.

While a few banks are issuing profit warnings, the bank like the GTBANK reported modest growth in 2015, in turnover and profitability.

According to the audited account published by the NSE today, gross earnings rose by 10 per cent while profit after tax grew by 25 per cent.

UBA Group’s gross earnings was N314.83 billion as against N286.62 billion recorded in 2014. Profit before tax rose from N56.20 billion to N68.45 billion. Profit after tax also increased from N47.91 billion to N59.65 billion. Earnings per share thus improved from N1.53 in 2014 to N1.79 in 2015.

Phillips Oduoza, UBA CEO: good final result before departing

Group Managing Director, Mr. Phillips Oduoza, who is stepping down later this year, described the 2015 performance as a new high that reflects the commitment of the bank to creating values for stakeholders.

Our 2015 profit is a new high, reflecting the hard work and discipline of our board, management and staff in creating value for all stakeholders. We remain committed to growing in a responsible manner that aligns with our vision of building an enduring institution,” Oduoza said.

UBA’s Group Chief Finance Officer,  Mr. Ugo Nwaghodoh, said the group leveraged efficiency gains in its business development and operations to grow earnings.