The Nation Newspaper

Tag: dividend payment

  • First-tier banks meet over dividend payment

    The boards of directors of three of Nigeria’s leading commercial banks – United Bank for Africa (UBA) Plc, Zenith Bank Plc and Access Bank Plc – have scheduled meetings later this month to approve the audited financial statement and accounts for the year ended December 31, 2018. The meetings will among others consider dividend recommendation to be made to shareholders.

    In separate regulatory filings, the three leading banks indicated that their directors would be meeting to review and approve the earnings report and accounts for the 2018 business year, preparatory to sending the accounts to the Central Bank of Nigeria (CBN) for the apex bank’s approval before release to the investing public through the Nigerian Stock Exchange (NSE).

    Financial services companies, including banks and insurance companies, are statutorily required to submit approved audited results to their primary regulators for clearance before release to the NSE and the investing public.

    The board of Zenith Bank would be meeting next week while the boards of Access Bank and UBA will meet same day in the last week of this month.

    Under NSE rules, quoted companies are expected to submit their yearly audited account to the Exchange not later than 90 calendar days after the relevant year end, and publish same in at least two national daily newspapers not later than 21 calendar days before the date of the annual general meeting. They are also required to post same on their websites with the web address disclosed in the newspaper publications. Also, an electronic copy of the publication shall be filed with the Exchange on the same day as the publication.

    Most quoted companies, including banks, insurance companies, major manufacturers, oil and gas companies, breweries and cement companies use the 12-month Gregorian calendar year as their business year. The business year thus terminates on December 31.

    NSE’s regulatory filing calendar indicates that the deadline for submission of annual report for companies with Gregorian calendar business year ended December 31, 2018 is March 31, 2019. However, Friday, March 29, 2019 is the last working day for the period, thus effectively the deadline for submission of the reports, in line with the traditional practice at the Exchange.

    Directors of the banks are expected to determine final cash dividend payable to shareholders based on the full-year audited reports. The three banks had paid interim dividends, in line with twice-a-year dividend policy being operated by the banks. Many analysts expected the banks to increase their dividend payouts, citing similar steady improvements in earnings.

    UBA paid N6.84 billion to shareholders as interim dividend for the first half of 2018, representing an interim dividend per share of 20 kobo. It had paid a total dividend per share of 85 kobo for the 2017 business year, consisting of a final dividend per share of 65 kobo in addition to interim dividend of 20 kobo earlier paid after the first-half results. The total payout for 2017 represented a 13 per cent growth on a dividend per share of 75 kobo paid for the 2016 financial year.

    Access Bank distributed N7.23 billion to its shareholders as interim dividend for the first half of 2018. Shareholders received interim dividend per share of 25 kobo. The bank had distributed N18.8 billion as cash dividend for the 2017 business year. Shareholders received a final dividend of 40 kobo, in addition to interim dividend of 25 kobo, bringing the total dividend per share for 2017 to 65 kobo.

    Zenith Bank had distributed N9.42 billion to shareholders as interim dividend for the half-year ended June 30, 2018. The breakdown of the interim dividend indicated a dividend per share of 30 kobo, 20 per cent above 25 kobo paid as interim dividend for the first half of 2017. The bank had distributed N7.5 billion as interim dividend for the first half of 2017.

    Zenith Bank had distributed N84.8 billion to shareholders as cash dividend for the 2017 business year, representing 33.7 per cent increase on N63.42 billion paid for the 2016 business year. Shareholders received a final dividend per share of N2.45, in addition to an interim dividend of 25 kobo, bringing total dividend per share to N2.70 for the 2017 business year. The bank had distributed N63.42 billion to shareholders for the 2016 business year, representing a dividend per share of N2.02. The increase in dividend payout underlined the improvement in the performance of the bank in 2017.

  • Eko Hospital eyes dividend payment to shareholders

    The interim management of Eko hospital has said the success recorded from its transformation programme has put the hospital in a position where it can pay dividends to its shareholders.

    It said the six month duration given to it by the board which started in March, was largely focused on laying a foundation for the transformation and has been done with the automation of operational systems and processes which has started to show results.Chief Executive Officer (CEO), Eko hospital, Chukwuka Monye said the results achieved was because of their adherence to the brief of improving the operations of the organisation by optimising processes, enhancing the financial management systems and improving patient’s experience.

    Monye said this in Lagos at the end of their first phase term to review fundamental operational issues before embarking on the growth agenda so that the implementation of the related strategies are sustained and stakeholders enjoy the benefits.

    He said the automation of systems has led to increase visibility and transparency of financial activities by ensuring online real time daily reporting and proactive interventions when discrepancies occur in transacting with HMOs.

    “The impact of this new system can be seen in the average monthly revenue of the last six months which surpassed that of 2017 by 13 per cent”, he added.

    He said the implementation of a hospital and patient management system and a robust account management system was important to transition the organisation into an operationally efficient one.

    The Chief Medical Officer (CMO) Adegbite Ogunmokun said the hospital is a one stop shop for all situations and wonder why people spend much on medical tourism to services that can be gotten in the country.

    He said advertising what they have might be contrary to laws as the hospital,with over 400 staffs and 30 HMOs is well positioned to treat any case, adding that the automation done during the transformation process will improve patient experience.

     

  • UBA board approves 2017 audited report, dividend payment

    The United Bank for Africa (UBA) Plc Board of Directors has approved the audited report and accounts of the bank for the year ended December 31, 2017. At the board meeting on Monday, the directors also approved the payment of final dividend for the 2017 business year.

    The bank’s Group Company Secretary, Bili Odum, confirmed the approval of the audited report and proposal for dividend payment, noting that the approved audited report has been forwarded to the Central Bank of Nigeria (CBN) for endorsement.

    He said the actual final dividend recommendation and the audited report would be released to the investing public after the approval of the apex bank.

    UBA’s share price continued its rally on Monday with a gain of 1.56 per cent to close at N13 per share. Ahead of the board meeting, it had risen by 2.48 per cent at the weekend, 343 per cent above equities market’s average gain of 0.56 per cent. As the equities market staged its first rally in five days last Friday, UBA chalked up 31 kobo to close at N12.80 per share.

    The All  Share Index (ASI)-the benchmark index at the Nigerian Stock Exchange (NSE) recorded average gain of 1.22 per cent and 0.56 per cent on Monday and Friday respectively.

    UBA’s share price rose by 129 per cent in 2017 while it has performed above average so far in 2018 with average year-to-date return of 24.3 per cent at the opening of the stock market on Monday.

    Market sources said they expected the bank to increase its dividend payout, citing the improvement in the overall performance of the bank in 2017.

    UBA had earlier paid an interim dividend of 20 kobo per share, after the audit of its 2017 half-year results. It declared a final dividend of 55 kobo per share, in addition to an interim dividend of 20 kobo for the 2016 business year.

    As a mark of its sound corporate governance and in line with NSE Rule Book and the Amendments to the Listing Rules, UBA had announced commencement of its closed period on Friday, January 12, 2018, implying that directors, persons discharging managerial responsibility, employees with sensitive information, advisers and consultants of the bank and their connected persons may not directly or indirectly deal in the securities of the bank until 24 hours after the publication of its audited full year reports and accounts for 2017.

    Key extracts of the interim report and accounts of the bank for the nine-month period ended September 30, 2017, showed that gross earnings rose by 26 per cent while pre and post tax profits grew by 33.2 per cent and 23 per cent respectively.

    UBA’s gross earnings rose to N333.9 billion in third quarter 2017 as against N265.5 billion reported in corresponding period of 2016. Group’s operating income stood at N236.9 billion in 2017 compared with N183.3 billion recorded in the corresponding period of 2016, representing a 29.3 per cent growth.  Profit before tax jumped to N78.3 billion in 2017 as against N58.8 billion recorded in the similar period of 2016. Profit after tax grew from N49.5 billion in 2016 to N60.9 billion in 2017.

    The balance sheet showed that while the group closed the third quarter with total assets of N3.77 trillion a year-to-date growth of 7.6 per cent, the bank prudently grew net loans to N1.6 trillion, a 6.0 per cent year-to-date growth in the loan book. Group’s shareholders’ fund grew by 13.3 per cent to N507.6 billion in 2017 while the annualised return on average equity stood at 18 per cent.

    Under the enhanced listing rules at the NSE, which took effect on January 1, 2017, quoted companies are expected to submit their annual audited account to the Exchange not later than 90 calendar days after the relevant year end and published same in at least, two national daily newspapers not later than 21 calendar days before the date of the annual general meeting. They are also required to post same on their websites with the web address disclosed in the newspaper publications. Also, an electronic copy of the publication shall be filed with the Exchange on the same day as the publication.

  • UBA bullish as directors meet over dividend payment

    The board of director of United Bank for Africa (UBA) Plc will be meeting today to approve the audited financial statement and accounts for the year ended December 31, 2017. The meeting will among others consider dividend recommendation to be made to shareholders.

    UBA’s share price appreciated by 2.48 per cent at the weekend, 343 per cent above equities market’s average gain of 0.56 per cent. As the equities market staged its first rally in five days on Friday, UBA chalked up 31 kobo to close at N12.80 per share. The All Share Index (ASI)-the benchmark index at the Nigerian Stock Exchange (NSE) recorded average gain of 0.56 per cent on Friday.

    UBA’s share price rose by 129 per cent in 2017 while it has performed above average so far in 2018 with average year-to-date return of 24.3 per cent at the opening of the stock market today.

    UBA had earlier paid an interim dividend of 20 kobo per share, after the audit of its 2017 half-year results.

    UBA had declared a final dividend of 55 kobo per share, in addition to an interim dividend of 20 kobo for the 2016 business year. With the bank’s improved performance in 2017, market analysts expected the bank to increase its payout, an expectation that has seen bullish trading on the stock.

    As a mark of its sound corporate governance and in line with NSE Rule Book and the Amendments to the Listing Rules, UBA had announced commencement of its closed period on Friday, January 12, 2018, implying that directors, persons discharging managerial responsibility, employees with sensitive information, advisers and consultants of the bank and their connected persons may not directly or indirectly deal in the securities of the bank until 24 hours after the publication of its audited full year reports and accounts for 2017.

    Key extracts of the interim report and accounts of UBA for the nine-month period ended September 30, 2017 showed that gross earnings rose by 26 per cent while pre and post tax profits grew by 33.2 per cent and 23 per cent respectively.

    UBA’s gross earnings rose to N333.9 billion in third quarter 2017 as against N265.5 billion reported in corresponding period of 2016. Group’s operating income stood at N236.9 billion in 2017 compared with N183.3 billion recorded in the corresponding period of 2016, representing a 29.3 percent growth.  Profit before tax jumped to N78.3 billion in 2017 as against N58.8 billion recorded in the similar period of 2016. Profit after tax grew from N49.5 billion in 2016 to N60.9 billion in 2017.

    The balance sheet showed that while the group closed the third quarter with total assets of N3.77 trillion, a year-to-date growth of 7.6 per cent, the bank prudently grew net loans to N1.6 trillion, a 6.0 per cent year-to-date growth in the loan book. Group’s shareholders’ fund grew by 13.3 per cent to N507.6 billion in 2017 while the annualized return on average equity stood at 18 per cent.

  • UBA, GTBank, others meet over dividend payment

    The boards of directors of United Bank for Africa (UBA) Plc, Guaranty Trust Bank (GTBank) Plc, Zenith Bank Plc, Continental Reinsurance and many other quoted companies have scheduled meetings later this month to approve the audited financial statement and accounts for the year ended December 31, 2017. The meetings will, among others, consider dividend recommendation to be made to shareholders.

    In separate regulatory filings, the companies indicated that their directors would be meeting to review and approve the earnings report and accounts for the 2017 business year, preparatory to sending the accounts for release to the investing public at the Nigerian Stock Exchange (NSE).

    Financial services companies including banks and insurance companies are statutorily required to submit approved audited results to their primary regulators for clearance before release to the NSE and the investing public.

    Under the enhanced listing rules at the NSE which took effect on January 1, 2017, quoted companies are expected to submit their annual audited account to the Exchange not later than 90 calendar days after the relevant year end, and published same in at least two national daily newspapers not later than 21 calendar days before the date of the annual general meeting. They are also required to post same on their websites with the web address disclosed in the newspaper publications. Also, an electronic copy of the publication shall be filed with the Exchange on the same day as the publication.

    The board of directors of UBA has scheduled its meeting for Monday, January 29, 2018, where the board will consider the financial statements for 2017 and also proposals for final dividend for the 2017 financial year. UBA had earlier paid an interim dividend of 20 kobo per share, after the audit of its 2017 half-year results.

    Also, the board of directors of Continental Reinsurance has scheduled to meet on Wednesday, January 31, 2018 in Lagos. Company Secretary, Continental Reinsurance Plc, Abimbola  Falana, in a statement, confirmed that the meeting would discussed dividend payment.

    The board of Pharma-Deko will also be meeting on Friday, January 26, 2018 to discuss dividend payment.

    UBA had declared a final dividend of 55 kobo per share, in addition to an interim dividend of 20 kobo for the 2016 business year. With the bank’s improved performance in 2017, market analysts expected the bank to increase its payout, an expectation that has seen bullish trading on the stock. UBA’s share price rose by 129 per cent in 2017 while it has performed above average so far in 2018 with average year-to-date return of 18 per cent at the opening of the stock market on Monday.

    As a mark of its sound corporate governance and in line with NSE Rule Book and the Amendments to the Listing Rules, UBA had announced commencement of its closed period on Friday, January 12, 2018, implying that directors, persons discharging managerial responsibility, employees with sensitive information, advisers and consultants of the bank and their connected persons may not directly or indirectly deal in the securities of the bank until 24 hours after the publication of its audited full year reports and accounts for 2017.

    Key extracts of the interim report and accounts of UBA for the nine-month period ended September 30, 2017 showed that gross earnings rose by 26 per cent while pre and post tax profits grew by 33.2 per cent and 23 per cent respectively.

    UBA’s gross earnings rose to N333.9 billion in third quarter 2017 as against N265.5 billion reported in corresponding period of 2016. Group’s operating income stood at N236.9 billion in 2017 compared with N183.3 billion recorded in the corresponding period of 2016, representing a 29.3 percent growth.  Profit before tax jumped to N78.3 billion in 2017 as against N58.8 billion recorded in the similar period of 2016. Profit after tax grew from N49.5 billion in 2016 to N60.9 billion in 2017.

    The balance sheet showed that while the group closed the third quarter with total assets of N3.77 trillion, a year-to-date growth of 7.6 per cent, the bank prudently grew net loans to N1.6 trillion, a 6.0 per cent year-to-date growth in the loan book. Group’s shareholders’ fund grew by 13.3 per cent to N507.6 billion in 2017 while the annualized return on average equity stood at 18 per cent.

    Key extracts of the interim report and accounts of GTB for the nine-month period ended September 30, 2017 showed that profit before tax rose to N150.03 billion in 2017 as against N137.99 billion recorded in comparable period of 2016. Profit after tax also increased from N117.08 billion in third quarter 2016 to N125.58 billion in third quarter 2017. Earnings per share thus increased from N4.14 in 2016 to N4.44 in 2017. However, gross earnings dropped from N329.28 billion in third quarter 2016 to N309.91 billion in third quarter 2017. The decline in the top-line was mainly due to depressed non-interest and other incomes. Interest income had grown from N181.91 billion to N248.27 billion.

    The balance sheet size expanded to N3.2 trillion by September 2017 compared with N3.12 trillion recorded at the beginning of this year. Deposits from customers declined marginally from N1.99 trillion to N1.9 trillion. Shareholders’ funds meanwhile increased from N496.06 billion to N571.62 billion.