Kennedy Uzoka, group managing director, United Bank for Africa, says they achieved a number of strategic imperatives during the quarter and committed more investments in the future of the business

SHAREHOLDERS of United Bank for Africa, UBA, Plc are expecting the announcement of a final dividend for the 2018 financial year. This followed the approval of the bank’s financial statements for the year ended December 31, 2018.

In a notification to the Nigerian Stock Exchange, NSE, UBA said its Board of Directors has approved its financial statements and payment of dividend to shareholders, subject to the approval of the Central Bank of Nigeria, CBN. The bank said in the notification signed by Bili Odum, group company secretary, UBA, said, “We shall provide the details of the results and dividend payments as well as related corporate actions to the Exchange upon the approval of the accounts by the CBN.”

Market operators and shareholders are highly optimistic that UBA will declare final dividend higher than what was paid for the 2017 financial year. The bank paid a total dividend of 85 kobo in 2017, comprising 20 kobo interim and 65 kobo final. It has already paid an interim of 20 kobo for the half year ended June 2018 and given its improved results for the nine months, stakeholders expect a higher final dividend for the year.

UBA posted a profit before tax (PBT) of N79.1 billion for the nine months ended September 30, 2018, compared with N78.2 billion while profit after tax (PAT) improved from N60.9 billion from N61.6 billion.

Commenting on the nine months performance, Kennedy Uzoka, group managing director, UBA, said: “We achieved a number of strategic imperatives during the quarter and committed more investments in the future of the business – building a solid foundation for sustainable and superior return to our shareholders.”

– Feb. 1, 2019 @ 15:32 GMT |