Pan-African financial services group, United Bank for Africa (UBA) Plc has been commended by its shareholders for its pole ratings in other African countries.
The board and management of the Bank which held its 53rd Annual General Meeting (AGM) at the Oriental Hotel in Lagos recently, were jointly praised by shareholders over the 2014 performance of the Bank.
Shareholders also unanimously approved the annual reports and accounts presented by the Board and all resolutions presented at the AGM, including the dividend proposal.
Shareholders were particularly excited at the increasing penetration of the Bank in other African countries, lauding the emergence of UBA as the best bank in Cameroun and Senegal for the fourth and third consecutive year respectively.
?I commend the appointment of Tony Elumelu as the Chairman. He has proven business leader. I am also happy with the bank?s performance, I have no doubt that it will continue to improve with Elumelu as Chairman,? said Mukhtar Mukhtar, one of the bank?s shareholders.
Another Shareholder, Alhaji Kabiru Tambari commended the Management for focusing on both the short and long term growth of the bank, saying that shareholders are not only interested in the profit the Bank makes this year but also in the ability of the Bank to sustain its leadership position over the long term.
In his remarks, Tony O. Elumelu, CON, also expressed his appreciation for the support of all shareholders and reiterated the commitment of the Board and Management in sustaining the leadership and dominant position of UBA on the continent.
While affirming the bank?s commitment to strict adherence to the best practice in corporate governance, Elumelu explained the bank?s dividend policy in the current financial year was guided by the need to be prudent.
?Though UBA is adequately capitalised with capital adequacy ratios in excess of regulatory requirement, we proactively raised additional capital during the year to further boost our capital base and it would not have been prudent to pay so much dividend after raising capital from the market. Shareholders should however expect higher dividend in future? said Elumelu.
Speaking on the bank?s financial performance, Elumelu said, ?we recorded a gross earnings of N290 billion in the year, an appreciable growth of 10 per cent over our performance in 2013. This improved performance was buoyed by the increased volume of transaction across all our service channels and growing share of our customers? wallet. Notwithstanding the relatively high cost of doing business in Africa in the year, we remained prudent in our operations, thus ensuring our profitability in the year. Given increased extraction gains from our unique Pan-African platform, we are optimistic on delivering a stronger performance in 2015.?
Phillips Oduoza, the Group Managing Director and Chief Executive Officer of UBA Plc, Mr. Phillips Oduoza also affirmed that UBA is gaining critical mass across the African continent and the benefit is fast reflecting in the contribution of the African subsidiaries to the Group?s profit.
?In 2014, the African subsidiaries contributed one-fifth of our earnings, a unique diversification benefit which UBA offers its shareholders. We will profitably and prudently grow our market share in all the 19 African countries (including Nigeria), where we operate, as we look forward to delivering superior returns to our shareholders? Oduoza said.