The Group Managing Director/ Chief Executive Officer, United
Bank for Africa (UBA) Plc, Kennedy Uzoka, noted that, together with its
diversified business model and keen ventures into key markets in Africa and
beyond, investors of the bank will enjoy huge financial benefits and dividends
in the current financial year and beyond.
Uzoka said this during the Investors/Analysts Conference
Call at the bank’s Head Office in Lagos, following the release of its results
for the full year ended December 31, 2021.
He explained that UBA’s diversification model remains one of
its best growth strategies as seen from the huge contribution of its
subsidiaries into the business in the last financial year.
“Considering the significant investment the bank has made
over the years across the globe – this is about $105 million in 20 African
countries, United Kingdom, France and the United Arab Emirates, and the fact
that UBA is the only Sub-Saharan bank with a deposit- taking license in the
United States of America – We are indeed beginning to reap the benefits of our
investments.
It is expected that, as the operations continue to grow, the
bank will be able to realise the full benefits of its investments in multiples
and will thereby, deliver much higher dividend returns to shareholders in the
years ahead,” Uzoka told the investors.
Breaking down the full year 2021 financial results to the
investors, Uzoka pointed out that gross earnings rose significantly to N660.2
billion representing an increase of 7 percent compared to N616.8 billion
recorded at the end of the 2020 financial year, whilst total assets grew by 11
percent to an unprecedented N8.5 trillion in the year under review, up from
N7.7 trillion in 2020, marking the first time the Bank’s assets will cross the
N8 trillion mark.
UBA’s Profit Before Tax was impressive with a 20.3 percent
growth to N153.1 billion, compared to N127.3 billion at the end of the 2020
financial year as Profit After Tax rose by 8.7 percent to N118.7 billion in
2021, compared to N109.2 billion recorded the previous year.
As a result, the Bank proposed a total dividend of N1.00,
comprising an interim dividend of 20 kobo, already paid, and a final dividend
of 80 kobo, to be presented to shareholders for approval at the 60th Annual
General Meeting scheduled for April 7, 2022.