Shareholders of the United Bank for Africa Plc have reelected Tony Elumelu as the Chairman of the Board and approved a final dividend of N3 per share for the 2024 financial year ended December 31.
The final dividend and N2 per share interim dividend paid in October 2024 brought the total dividend for the year to N5.
This amounts to a pay-out ratio of 26.6 percent.
The shareholder performed both functions at the 63rd Annual General Meeting of the bank in Abuja on Friday.
Ben Ejenbi, a shareholder, commended the continuous growth and efforts of the managers of the bank, which he said had culminated to the consistent progress and growth recorded.
Ejenbi expressed optimism that the bank would continue in its growth to greater heights.
Bakare Adeyinka, said that the bank had seen consistent growth over the years.
Dr. Eno Ukeh, who commended the bank for the growth, called for an increase in the dividend paid to shareholders.
Speaking, Elumelu commended the shareholders for his re-election.
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He said that the 2024 fiscal year presented challenges with significant and domestic economic dimensions.
According to him, all these developments impacted our operations across our markets.
He said: “Despite these challenges, we remained resilient and adaptive, leveraging our strategic initiatives to drive sustainable growth and operational excellence in our areas of operation.
“By prioritising efficiency and risk management, we have strengthened our foundation for long-term success while continuing to create value for our stakeholders.”
The News Agency of Nigeria reports that the bank recorded a Profit Before Tax (PBT) of N803.72 billion, representing a 6.1 percent increase from N757.68 billion recorded at the end of the 2023 financial year.
The bank’s Profit After Tax (PAT), which went up by 26.14 percent to close the year at N766.6 billion, up from N607.7 billion recorded at the end of the 2023 financial year.
Its gross earnings also grew from N2.08 trillion recorded at the end of the 2023 financial year to N3.19 trillion in 2024, representing a 53.6 percent growth.
The bank’s total assets also rose by 46.8 percent, from N20.65 trillion in 2023, to close at N30.4 trillion in December 2024.
Consequently, the group’s shareholders’ funds rose to N3.419 trillion in 2024 from N2.030 trillion as of December 2023.
The Group Managing Director/Chief Executive Officer, Oliver Alawuba, said that the 2024 financial performance demonstrated the bank’s continued focus on driving earnings growth, preserving asset quality, expanding business operations and deepening market share.
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