Business
UBA’s 2022 Performance Gets Praise by Shareholders.
UBA’s 2022 performance gets praise by shareholders.
The shareholders of United Bank for Africa (UBA) Plc., the largest bank in Africa, have praised the company for maintaining outstanding performance during the review period despite difficulties in the banking industry.
However, the bank has approved the board’s proposal to pay a dividend of N1.10 per share for the financial year ended December 31, 2022.
UBA had earlier paid an interim dividend of N0.20 kobo per share during the half year ended 2022, while a final dividend of N0.90 kobo was declared at the end of the 2022 financial year, bringing the total dividend to N1.10 per share.
Speaking at the bank’s 61st Annual General Meeting (AGM), which was held virtually, Faruk Umar of the Advancement of Shareholder Rights Association praised the bank for the excellent results, which culminated in an impressive dividend payout.
He said, “I am very impressed by the growth in our bank’s earnings, which is now very competitive and which goes to show that our share price is currently grossly undervalued. We are happy that the bank’s presence is strengthened with its widespread presence on the African continent, and we are sure that the dividend will increase next year.”
Meanwhile, UBA Group Chairman, Mr. Tony Elumelu, in his address, appreciated shareholders who have stood by the bank in the past years.
He said, “I commend fellow board members for their striving effort in making the bank achieve impressive performance over the years.”
“Shareholders must be very proud of your directors, as they work very hard. They are extremely committed. The impressive results you see are largely due to the direction the board continued to set for UBA.”
“We appreciate all our regulators, customers, and shareholders who have partnered with us in this exciting journey of growth, and in 2023, we hope to do even better than we did in the year 2022.”
“We have therefore prioritized our plans for the year, which is very clear—it is all about execution, especially as this year marks a significant milestone for the group.”
“UBA looks to the future with great optimism; we will surpass 2022 performance and continue to deliver value.”
Also, UBA’s Group Managing Director/Chief Executive Officer, Oliver Alawuba, who spoke on plans to consolidate the bank’s investments in Africa, said, “We are positioned to take Africa to the world and bring the world to Africa through capital, investment funds, trade flows, and remittance flows.”
“We also remain focused on simplifying trade and cross-border payment across the continent, with UBA as one of the leading banks championing the Pan-African Payment and Settlement System (PAPSS), an AfCFTA agenda and brainchild of Afrexibank, which is currently operating in six pilot countries in West Africa: Nigeria, Ghana, Sierra Leone, Guinea Liberia, and Gambia.”
“UBA remains on the trajectory of achieving and even surpassing its targets for the 2023 financial year. We continue to maintain a close focus on cost efficiency and strictly control operating expenses across the group, including our new strategic investments. We are committed to delivering improved performances in the years ahead.”
“At the end of the 2022 financial year, UBA delivered gross earnings of N853 billion, up 29.2 percent on the prior year, and an operating income of N591 billion, representing an increase of 33.6 percent from N443 billion in 2021.”
“Profit before tax increased by 31.2 percent to N201 billion from N153 billion recorded in 2021, while profit after tax rose by 43.5 percent to close the year at N170 billion from N119 billion in 2021. In line with the bank’s overall objective of stimulating growth in the real sector, the bank grew its loan portfolio by N605 billion, or 21.4 percent, from the prior year.”
