Stakeholders at the United Bank for Africa (UBA) have recently commended the Africa’s Global Bank (AGB) for the number of female representatives at the financial institution’s board.
According to stakeholders, it’s indicated that the bank is strictly adhering to the recently legislated Gender Empowerment Bill which makes compulsory 30% for women in all sectors of the economy.
Stakeholders made this disclosure during the Pan Africa Bank Annual General Meeting held recently, reports, UBA Sierra Leone UBA-SL official Facebook wall.
At United Bank Africa Annual General Meeting, shareholders ratified N1.10kobo total dividend and also approved the Board’s proposal to pay a dividend of N1.10 per share for the financial year ended December 31, 2022.
The shareholders gave their approval at the bank’s 61st Annual General Meeting (AGM) which was held virtually on Thursday, April 27th, 2023.
According to reliable source, the bank had earlier paid an interim dividend of 20 kobo per share during half of 2022 financial year, while, a dividend of 90k was declared at the end of the 2022 financial year bringing the total of N1.10 per share.
In his address, United Bank Africa (UBA) Group Chairman, Tony Elumelu, appreciated shareholders that have stood by the bank in the past years. This, he said continues to encourage the board to do more.
“We appreciate all our regulators, customers and shareholders who have partnered with us in this exciting journey of growth, and in 2023, we hope to do even better than we did in the year 2022” , Elumelu said.
He told stakeholders during the virtual meeting that the bank has therefore prioritized plans for the year 2023, which he said is very clear.
It’s all about execution, especially as this year marks a significant milestone for the group, Elumela said.
UBA’s Group Managing Director/Chief Executive Officer, Oliver Alawuba, who spoke on plans to consolidate the bank’s investments in Africa, said, “We are positioned to take Africa to the world and bring the world to Africa through capital, investment funds, trade flows and remittances flows.”
It was disclosed during the virtual meeting that at the end of the 2022 financial year, UBA delivered gross earnings of N853 billion, up 29.2% on the prior year, and an operating income of N593 billion, representing an increase of 33.8% from N443 billion in 2021.
Profit Before Tax increased by 31.2% to N201 billion from N153 billion recorded in 2021, while Profit After Tax rose by 43.5% to close the year at N170 billion from N119 billion in 2021.
In line with the bank’s overall objective of stimulating growth in the real sector, the bank grew its loan portfolio by N605 billion, or 21.4%, from the prior year.
