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The United Bank of Africa Plc on Tuesday paid a cumulative dividend of N29 billion to its shareholders for its financial end 2018.
This came on heels of the bank assuring of further increase on Return on Investment (ROI) to members of the company in the years ahead, noting that its operational efficiency across its 27 African countries, UK and US business end will continue to add value to the bank’s bottom line.
It will be recall that the bank had in its first tranche paid N7 billion some weeks ago, even as shareholders approved N22 billion on Tuesday at the bank’s 57th Annual General Meeting, thus bringing to 85 Kobo paid for every unit of shares held by investors in the bank for 2018 financial year end.
Addressing shareholders, 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.
He 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. 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.”
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On his part, Uzoka, promised shareholders that the team remained poised to do more in the coming year.
According to him, UBA Group has one of the highest capital adequacy ratio in the industry, as its BASEL II CAR stands at 24 per cent as at December 31, 2018, thus reinforcing its capacity to support customers at all times and demonstrating the Group’s capacity to grow over the medium term.
“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. Ultimately, we look forward to delivering superior returns to shareholders in the years ahead,” he said.
