The Shareholders of United Bank for Africa (UBA) approved the 29.9 billion naira paid for the 2018 financial year, while commending the consistent strong performance of the group.
The shareholders, who gave the approval at the 57th annual general meeting (AGM) in Lagos, commended the staff, management and the board on impressive performance of the financial institution.
Dr Faruk Umar, the President, Association for the Advancement of the Rights of Nigerian Shareholders revealed that the current management was fulfilling the vision of the founders and past leaders of UBA in creating a truly pan-African bank.
Speaking to the shareholders, the Chairman of the bank, Mr. Tony Elumelu disclosed the upgrade of operations in the United Kingdom and formal opening of the Mali business, adding that the team in both countries were set to change the narrative of banking, and would thus strengthen the earnings growth trajectory of the Group, through their respective positive contribution.
Elumelu said “we are optimistic about the policy environment in most African economies, where we operate, as we expect diligent implementation of fiscal policies to help stimulate inclusive economic growth, ease macro pressures and lower the cost of doing business”.
He also said that “I am very optimistic that we will sustain the strong growth trajectory, as we continue to gain market share across Africa, leveraging our core values of Enterprise, Excellence and Execution”.
The Chief Executive Officer of UBA, Kennedy Uzoka, promised shareholders that the team remained poised to do more in the coming year.
He said “we are on a new cost optimisation journey and we are diligent in executing far-reaching cost-efficient initiatives, which will complement our revenue growth drive in moderating the cost-to-income ratio towards our desired target”.