UBA board meets to consider accounts, interim dividend

The board of directors of United Bank for Africa (UBA) Plc would this week meet to deliberate on the company’s accounts and financial statements for the half year ended June 30, 2017.

A statement signed by the Secretary of the board, Mr. Bili Odum revealed that the board would also consider interim dividend for the period at the meeting.

The meeting is slated for this Thursday in Lagos.

A notice on the meeting read: “Please note that the board of directors of UBA Plc will meet in Lagos by 10am on Thursday, July 20, 2017 to deliberate on the accounts and financial statements of the bank for the half year ended June 30, 2017 and proposals for interim dividend for the period will also be considered.”

Odum also stated that when the board considers the results, it would then be sent to the Central Bank of Nigeria (CBN) for approval before making it available to the Nigerian Stock Exchange (NSE) for its shareholder and the investing public to peruse.

“Please note that we are by regulations, required to forward the audited accounts and financial statements to the Central Bank of Nigeria (CBN) for approval, prior to the release of the results on the floor of the NSE.

“Accordingly, we shall notify the exchange of the decision of the board of directors after the meeting and submit the accounts to the NSE upon approval of the CBN,” the Group Secretary said.

UBA’s unaudited first quarter results for the period ended March 30, 2017, had shown significant growth across major income lines. Leveraging on strong growth in interest and non-interest income as well as increased efficiency, UBA had recorded N25.5 billion in profit before tax (PBT) in 2017, compared to N18.1 billion achieved in Q1 of 2016.

The Group had also recorded a profit after tax (PAT) of N22.4 billion, showing 32 per cent growth compared to N17.0 billion achieved in the corresponding period of 2016. The group sustained its strong profitability recording an annualised 19.4 per cent Return on Average equity (RoAE).

Driven by an unprecedented 43 per cent year-on-year growth in interest income, UBA Group recorded a 38 per cent per cent year-on-year growth in gross earnings.

The Group Managing Director/ CEO of the United Bank for Africa, Mr. Kennedy Uzoka had expressed satisfaction with the bank’s impressive performance 2017, despite intensifying competition and a very challenging business environment.

 

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