The United Bank for Africa has recorded a total assets growth of N8.5 trillion, representing 11% growth rate in the year 2021.
The bank has assured shareholders and investors of its unwavering commitment to sustain its current growth trajectory even as its efforts at business diversification across Africa and beyond continues to yield increasing returns.
Speaking at UBA’s 60th Annual General Meeting in Abuja,its Group Chairman,Tony Elumelu, noted that the bank’s strategic investment decisions over the past few years have translated to huge returns for its investors, despite the challenging business environment witnessed in the last two years.
“I am proud of how as a Group, we have been able to further consolidate on the new capabilities we have built, novel customer solutions we have deployed, efficiency gains recorded and the growth prospects we have leveraged from a recovering world,” Elumelu stated, adding “These were the building blocks for the very strong financial performance and the growth delivered by your Group in 2021, further confirming the wisdom of the investments we made and the strategy we have pursued, to ensure the diversification and sustainability of our business model.”
Expressing his delight to shareholders and customers who have stood with UBA for decades, Elumelu said he was confident of the bank’s capacity to sustain the momentum especially as economic activities recover from the impact of the COVID -19 pandemic.
UBA’s Group Managing Director/Chief Executive Officer, Kennedy Uzoka, gave details who of the improved performance of the bank’s subsidiaries in the financial year in view
“We are happy that the global community recognises the role our Group is playing in the transformation of the African economic landscape through innovative and customer focused banking services.”
Shareholders who spoke at the meeting including Sir Sunny Nwosu, Alhaji Farouk Umar, Mr. Nonah Awoh, Mr. Patrick Ajuda, Mrs. Bisi Bakare and Chief Timothy Adesiyan, commended the board and management of UBA, for the impressive financials which have translated to higher dividends for shareholders.
“Despite the economic situation UBA has been able to grow profitability and increase its customer base. If you compare the dividend with the share price of UBA, you will see that our dividend yield is very high. No bank in Nigeria has been able to achieve this, and I therefore commend the UBA board,” Umar noted in his remarks.
