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Uzoka blames operating environment in 2017, hails UBA’s N105.3bn profit before tax

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The managing director of United Bank for Africa (UBA) Plc., Mr. Kennedy Uzoka has expressed happiness on the feat achieved by the bank within the 2017 financial year.

In his remarks at the bank’s recent 56th Annual General Meeting of the bank held in Lagos earlier this week, he averred that “Given the operating environment in 2017, I am very pleased with our profitability – a significant 16.1 per cent growth in profit before tax to N105.3bn – whilst we have also focused keenly on operational efficiencies, illustrated by the reduction in our Cost-to-Income Ratio, and we are well-positioned to achieve more in the next financial year”.

Key details of the financial results of the bank showed that whereas its African subsidiaries, contributed over 45 per cent of the group’s income, UBA’s management proposed a total dividend per share of N0.85 comprising of N0.20 interim dividend, which was already paid by mid-2017 and a final dividend of N0.65 which was ratified by shareholders during the AGM.

The resilient performance however, encouraged the chairman of the bank, Mr. Tony Elumelu to note that “Overall, our bank grew profit before tax by 16.1 per cent to N105.3bn. More importantly, the bank remains financially strong, our balance sheet is well protected and our commitment to exceeding regulatory requirements remains. We recently opened for operations in Mali, because that economy is a viable one and would contribute to our bottom-line. Mali will benefit from UBA’s presence there while UBA will also benefit from Mali.”

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