Further to the realisation of N16 billion as against a forecast of N15.1 bilion in Q1 2012, the Group Managing Director of UBA Plc, Mr. Phillip Philips Oduoza stated, “The future looks bright for UBA.”
Philips Oduoza was addressing the market on Friday at the Nigeria Stock Exchange’s “Facts behind the Figures" presentation by United Bank for Africa (UBA) Plc.
Linking its consistent revenue growth to improvements in its continental expansion projects, Oduaza says, “The non-performing loans of the bank currently stand at 3%, below the regulatory limit of 5%.”
Recognising the fact that the bank did not declare any dividends for the FY 2011, management says, “We have decided to reward its committed shareholders modestly with 1 for 50 shares.” The GMD adds that the bank however promises decent dividends for shareholders, subsequently.
The Director of Investors Relations, Rashid Olaoluwa while discussing ands analyzing the financials disclosed that, “With the approval from the Central Bank of Nigeria (CBN), the previous plans of UBA to have two sub-holding companies have now been modified.
While UBA Africa Holdings and UBA Capital Holdings will now have their banking subsidiaries under UBA Plc; their non-banking businesses (UBA Asset Management Ltd., UBA Stockbrokers Ltd., UBA Trustees, UBA Insurance Brokers Ltd. And UBA Metropolitan Insurance) would be spun-off from the group with hitherto shareholders retaining their shares in the businesses in a pari passu ratio of the acknowledged holding.”
The United Bank for Africa, UBA currently operates in 19 African countries.