32 | The Lion King
Shareholders Laud UBA Performance in 2013
U
BA Shareholders unanimously
endorsed the bank's annual
report and accounts for the
year ended 31 December, 2013 just
as they commended the board and
management for sustaining the bank's
profitability, despite the challenging
operating environment.
Speaking at the bank's Annual General
Meeting, held at the Oriental Hotel,
Lekki, Lagos, the shareholders extolled
the board for consistently delivering
value on their investments in the bank.
They also approved the N0.50 per share
dividend as recommended by the
board.
Giving the Bank's scorecard for the
year under review, Board Chairman,
Ambassador Joe Keshi, said UBA has
been able to consistently deliver value
to shareholders, due to the bank's
resilient business model, and despite
the unanticipated domestic and global
headwinds faced by the industry.
News Roundup
The UBA Group recorded gross earnings
of N264.7 billion for the period under
review, an increase of 20% over the
N220.1 billion recorded in 2012, the
Chairman said.
Giving an overview of UBA Africa's
performance, GMD/CEO, Mr. Phillips
Oduoza said the African subsidiaries
UBA Board of Directors
L-R: GMD/CEO, Mr.
Phillips Oduoza; Board
Chairman; Amb. Joe Keshi
and Company Secretary,
Mr. Bili Odum at the 52nd
Annual General Meeting of
the Bank in Lagos, Nigeria.
A cross section of share-
holders at the AGM
recorded overall revenue growth of
22% in 2013 to N49.9 billion, from N41.5
billion in 2012. He stressed that revenue
growth rate in 2013 surpassed the 18%
growth in the previous year.
Also, the equity base attributable to the
African subsidiaries remained strong at
N55.2 billion, from N45.7 billion in 2012.
