UBA Shareholders approve payment of dividends
Lagos - Shareholders of United Bank of Africa (UBA) Plc has approved the decision of the company to pay an interim dividend and declaration of bonus on its half year audited results for the 2008 financial year.
The company had earlier proposed an interim dividend of N0.25 for every 50 kobo ordinary shares and a bonus of one ordinary share for every two ordinary shares held, based on its performance in the half year financial result.
The shareholders who made this ratification at the bank’s Extra-Ordinary General Meeting in Lagos on Thursday enjoined the bank to ensure that its current growth rate are sustained in order to give better returns to shareholders in the coming years.
Speaking on behalf of the shareholders, Sir Sunny Nwosu, President, Independent Shareholders Association of Nigeria (ISAN), commended the bank for its ingenuity, continuous improved performance and drive to expand its business beyond the shores of the country.
He disclosed that the bank’s effort at opening branches across the continent and the world has truly positioned it as a truly global bank that is set to dominate the Nigerian and African banking landscape.
He said, “UBA has truly lived up to its billings in the Nigerian financial landscape. The banking through this its unprecedented feat in the Nigerian capital market has positioned it as one of the leading banks in the country.
Also, its drive to foray into the African financial industry which has seen it opening branches in other countries in the continent as put it as a bank to beat. All these as impacted positively on the financial statement of the bank, though not the best in the industry, we still believe it has greater opportunities for growth and increased delivery of improved and attractive returns to stakeholders.”
He, however called on the bank to ensure that the new shares which came about as a result of the bonus, qualify for dividends in the final result for its 2008 financial year.
The Bank had earlier recorded a gross earnings of 78.1 billion in its half year results for the 2008 financial year, compared with a gross earnings of N46.88 billion in the comparable period of 2007, it posted a profit before tax and exceptional items of N21.87 billion compared with N11.76 billion recorded in 2007, representing an appreciation of 86 per cent.
Its profit before tax and after exceptional items grew by 71 per cent from N11.76 billion in 2007 to N20.13 billion in 2008 while its profit after tax and exceptional items appreciated by 71 per cent from N10.77 billion in 2007 to N18.42 billion in the period under review.
Other resolutions brought to the attention of the shareholders for ratification includes the decision to increase its authorized share capital from N7.5 billion to N12.5 billion, divided into 25 billion ordinary shares of 50 kobo each. It also got the approval of the shareholders to increase the number of directors to 25.
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