Shareholders of United Bank of Nigeria (UBA) has approved final dividend of N0.35 kobo for every share of 50 kobo for the financial year ended December 31, 2020.
The amount brings the total.dividend payment for the year to N0.52 kobo as the bank had earlier in the year paid an interim dividend of N0.17 kobo.
Shareholders while giving the approval at the Bank’s 59th yearly general meeting commended the board and management decision to invest some of the bank’s profit into the business, stressing that the time we are now one needs to be prudent and effective management of financial resources.
The Founder of Independence Shareholders Association of Nigeria, , Sir Sunny Nwosu, while commending the board and management of the bank for keeping up with its activities despite the Covid-19 crisis and its resultant effect on businesses, he urged the bank to do everything within its power to increase the dividend in the next financial year.
Responding to shareholders comments on the reduction in dividend payout during the period, the Chief Executive Officer of the Bank, Kennedy Uzoka, explained that the bank had decided to be conservative in its spending to further strengthen the business.
