SHaREHOLDERS of pan-African financial
services group, United Bank for Africa, UBA,
Plc, at the weekend applauded the bank
for its strong financial performance in 2015
despite the difficult operating environment
globally.
The shareholders made their views
known during the bank’s Annual General
Meeting, AGM, which was held at the Eko
Atlantic Hotel, Lagos, Nigeria. The bank’s
shareholders also approved the board’s
recommendation to pay a final dividend of
40 kobo per share. UBA had earlier paid an SHaREHOLDERS of pan-African financial
services group, United Bank for Africa, UBA,
Plc, at the weekend applauded the bank
for its strong financial performance in 2015
despite the difficult operating environment
globally.
The shareholders made their views
known during the bank’s Annual General
Meeting, AGM, which was held at the Eko
Atlantic Hotel, Lagos, Nigeria. The bank’s
shareholders also approved the board’s
recommendation to pay a final dividend of
40 kobo per share. UBA had earlier paid an bank successfully managed its
costs throughout the year, “thus
preserving earnings to deliver a
profit before tax of N68.5 billion,
which translates to 22% growth
over our performance in 2014.”
Looking into the future, Elumelu
warned that developments in
financial technology is changing
the game in the financial industry,
lowering operating costs and broad
customer reach and becoming major
disruptors within the banking
industry. However, he gave the
assurance that UBA is a part of the
leading technology change agents,
and thus well positioned to benefit
from the brave new world offered
by advancements in technology.
He stressed that leading new
technology and innovation is a part
of the UBA Group’s DNA.
Also speaking at the AGM,
Phillips Oduoza, Group Managing
Director and CEO, UBA Plc,
explained that management
rigorously identified and
eliminated fats in the system,
improved on contract negotiations,
eliminated overlapping functions
and structures and continued
to leverage technology in its
operations, particularly in
servicing its over 8 million
customers through low cost
service channels, which ensured it
delivered improved performance
to shareholders.
Shareholders were introduced to
recently announced GMD/CEOdesignate;
Kennedy Uzoka who
stated that the bank is “committed
to sustainably delivering superior
returns to shareholders in excess
of their expectations”.
Speaking on the bank’s
operations in Africa, Uzoka
assured shareholders that the
bank’s African subsidiaries are
growing stronger and the group
has a target to increase Africa’s
contribution to the Group’s profit
to over 25% in 2016 from 24% in
2015, without undermining the
positive outlook on Nigeria, where
he expects to see positive growth
from imminent implementation of
the 2016 budget.
Uzoka said that UBA market
share is increasing in most of its
target markets, as it grows loans
and deposits in double digits
across most of its operations in
Africa.


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