Shareholders
A cross section of guests at the AGM
36 •
The Lion King
• April - June 2017
SHAREHOLDERS COMMEND UBA
ON N27.2BN DIVIDEND
T
he shareholders of UBA at the 55th Annual General
Meeting which was held in Lagos on Friday, April 7,
2017 showered praise and encomiums on the Board,
Management and Staff, following the payment of a total
of N19.9 billion final dividend payment for the financial
year ended 31st December 2016, in addition to N7.3 billion
interim dividend already paid after the audit of its 2016 Half
Year Results.
The shareholders, who unanimously approved the N0.55/
share final dividend on every ordinary share of N0.50 each,
were particularly impressed by the new Group Managing
Director/CEO, Mr. Kennedy Uzoka, who delivered an
unprecedented result to shareholders at his inaugural AGM
as the bank’s chief executive. The Bank had earlier paid an
interim dividend of N0.20/share to shareholders, bringing
the total dividend for the 2016 financial year to N0.75kobo,
an impressive 25% growth over the total dividend of N0.60/
share paid for the 2015 financial year. Furthermore, the
N0.75/share translates to an unparalleled yield of 14.3%
when put in the perspective of UBA’s share price of N5.26
on the Nigerian Stock Exchange, as at the close of market
on Thursday, April 06, 2017.
The Shareholders’ commendations follow an impressive
2016 full year result, showing an impressive 22% year-on-
year growth in gross earnings and an outstanding 32%
year-on-year growth in profit to N91 billion, in what analysts
describe as an attestation to UBA’s resilience and enhanced
productivity. Worthy of note to the shareholders is the
impressive contribution from the Bank’s African subsidiaries,
which emphasizes its earnings diversification, across
geographies thus reducing the Group’s vulnerability to
macroeconomic pressures in any single market. The Group’s
(excluding-Nigeria) subsidiaries contributed 32 percent of
the Group’s profit in 2016, compared to a quarter of profit
contribution in the 2015 financial year.
Notwithstanding the challenging operating environment,
the Group recorded an impressive 22 percent growth in
gross earnings to N384 billion in 2016, from N315 billion in
the 2015 financial year, illustrating the Bank’s resilience and
tenacity to generate earnings even in periods of economic
slowdown.
