Shareholders commend UBA Management for 2012 financial performance

Shareholders of United Bank for Africa Plc have commended the board and management for the Bank’s sterling performance and dividend payment to investors during the financial year ended December 31, 2012.
The shareholders, who approved the payment of N0.50 per share at the Bank’s Annual General Meeting in Abuja on Friday, affirmed that the restructuring and transformation of the Bank have been beneficial to investors just as it confirmed UBA as a leading pan-African Bank.
A shareholder and National Coordinator of the Independent Shareholders Association of Nigeria, Sir Sunny Nwosu, in his observation stated: “We are happy with the dividend for the 2012 financial year because it represents a consolidation of the bonus shares that we received in the previous year.”
Continuing, Nwosu added: “The board and management should be commended for the way they handled last year’s transformation of the Bank. They have done well and we look forward to a better dividend next year.”
In his statement to shareholders, the Chairman of UBA, Chief Israel Ogbue, noted that the 2012 financial year ushered in a new era for UBA, with the consolidation of its-African expansion. “I am delighted with the progress our Bank has made and the concerted efforts in delivering strong returns,” he said.
The performance of UBA in 2012 was the outcome of some bold and strategic initiatives, said the Group Managing Director/CEO, Phillips Oduoza.
“The Bank also recorded marked improvement in the contribution of its African subsidiaries to Group performance, deepened penetration in the e-banking market, along with significant wins in the critical sectors of the economy,” he stated.
On the outlook of the bank, Oduoza said the bank has began it’s next phase of growth.
“As we commence on this growth trajectory, our immediate priorities are clear. Adoption of an enhanced customer centric approach to market and service delivery will be the key driver of our strategic thrust, with focus on low cost deposits mobilisation and quality asset creation. We will also continue to drive regional synergies across our various jurisdictions and leverage our unique technology platform to offer value added services to our customers across Africa,” Oduoza added.
With operations in 19 African countries and presence in New York, London and Paris, UBA provides banking services to over seven million customers through expansive retail distribution outlets.
Its ability to deliver tailored financial solutions based on high-value customized products and services sets it apart from peers.