The Board of United Bank for Africa (UBA) Plc, a leading Pan-African financial institution, is scheduled to meet on Monday, January 29, to consider the lender’s financial statements for the year ended 31 December 2017, and proposals for final dividend for the financial year.
Giving this hint through a statement made available to the media, the management of the bank reassured its shareholders and customers of the Group’s capacity to sustain the sterling performances recorded in the first three quarters to the end of the year and beyond.
The optimism of the management about the certainty of improved financials in the year is predicated on the continuous improvement in customer service, and growing market share across its African operations, amongst other positive indices.
The management stated: “With the bank’s results, which we believe, are currently being audited, market has been bullish on the shares on the Nigerian Stock Exchange, gaining 129 per cent in 2017, to rank as one of the best performing stocks of the year. Year-to-date, the stock has also gained 18 per cent to close at N12.07 on Friday, January 12, 2018.”
It would be recalled that the bank had earlier paid an interim dividend of N0.20 per share to its shareholders, following the audit of its 2017 half year performance. In the preceding year, the board declared a final dividend of N0.55/share, in addition to the N0.20/share interim dividend.
In the first nine months of 2017, UBA Group reported 33 per cent year-on-year growth in profit before tax to N78.3 billion, against N58.8billion profit declared in the corresponding period of 2016. Notwithstanding higher effective tax rate, the profit after tax grew 23 per cent year-on-year to N60.9billion, compared to N49.5billion a year earlier.
Analysts believe that with the bank’s earnings growth performance in 2017, its shareholders may have reasons to smile with the certainty of final dividend payment to them after the ratification of the proposed dividends for the year by the Board.
The Bank announced the commencement of its closed period on Friday, January 12 in demonstration of its sound corporate governance, and in line with NSE Rule Book and the Amendments to the Listing Rules,.
With the commencement of its closed period, directors, persons discharging managerial responsibility, advisers, consultants of the bank and employees with sensitive information and their connected persons may not directly or indirectly deal in the securities of the Bank until 24 hours after the publication of its audited 2017 Full Year Financial Reports and Accounts.