Shareholders of United Bank for Africa, UBA, are in for a swell time. Apart from the N27.2 billion paid to them as dividend for the 2016 business year, directors of the bank hage vowed to carry out a proactive diversification of the UBA Group across the  continent, thereby building a strong resistance against national shocks and ensure that the bank continues to record impressive results.
The board and management of the bank assured shareholders that the bank would focus on sustainable long-term growth that will ensure commensurate returns to shareholders.
Tony Elumelu, chairman, UBA Plc, told shareholders at the Annual General Meeting, AGM, in Lagos, recently that the bank’s performance last year had shown the tenacity and enterprise of its management team and members of staff, and the ability to give customers what they want. He noted that the performance of the bank, notably in capital adequacy and risk management, illustrated the commitment of the board to the best governance principles.
“We wish to focus on long term growth, which is sustainable and we will not sacrifice these goals for short-term gain or advantage. I want you to know that by investing in UBA, you have diversified your portfolio, you have not just invested in a Nigerian bank, but have invested in a bank with diversified reach, given our operations in Nigeria and 18 other African countries,” said Elumelu.
He commended the commitment and enterprise of the bank’s members of staff and exceptional leadership of its management, which resulted in the sterling performance of the bank amidst the challenging operating environment in 2016.
“I am pleased that UBA maintains some of the best prudential ratios in the industry, as our capital adequacy ratio of 20 per cent and 39 per cent liquidity ratio are well above the 15 per cent and 30 per cent regulatory requirement respectively. We will be prudent in lending to critical growth sectors of the African economies, as we remain upbeat on the huge banking opportunities in Africa,’ Elumelu said.
Similarly, Kennedy Uzoka, group managing director, UBA, is optimistic that the bank will sustain its growth in the years ahead. “The 2017 outlook remains positive in most of our markets. We are not unaware of the macro challenges, competition and constantly changing customer preferences.  We will further sweat our unique Pan Africa platform to improve productivity, extract efficiency, gains and grow our share of customers’ wallet across all business lines and markets,” Uzoka enthused.
UBA operates in 18 other African countries as well as United States, US, United Kingdom, UK, and France. The group’s subsidiaries outside of Nigeria contributed a third of the group’s profit in 2016.