Category Nigeria News

United Bank for Africa Plc, the pan African financial institution with a network that spans 20 African countries, the United Kingdom, the USA and with presence in Paris, has announced impressive performance in its unaudited 2019 Third Quarter Financial Results, with significant growth in Gross Earnings, which rose to N428.22 billion, representing a 14.2 percent increase when compared to N374.8billion recorded in September 2018.

Mr. Kennedy Uzoka, the Group Managing Director/Chief Executive Officer of Pan African financial institution, United Bank for Africa (UBA) Plc has won the much-coveted  ‘BusinessDay’s Bank CEO’ of the year 2019 award.

Pan African Financial services institution, United Bank for Africa is joining the rest of the world to celebrate the 2019 Customer Service Week, themed, “Magic Happens Here”, with recognitions for staff who have excelled in excellent service delivery.

The event which is commemorated all over the world, recognises the importance of customer service and seeks to show appreciation to the staff who serve and support customers with the highest degree of care and professionalism. 

The theme for this year’s celebrations embodies all that the bank represents as encompassed in its Core Values – the 3EEEs: Excellence, Enterprise and Execution.

Already, all branches of the bank are engaged in various activities which will make the week-long celebration exciting and memorable. Branches have been colourfully decorated, and customers are being treated to different exciting gifts and activities.  

UBA’s Group Managing Director/Chief Executive Officer, Mr. Kennedy Uzoka, who spoke on the significance of continuous excellent service delivery to customers, appreciated the staff who have worked tirelessly to satisfy customers, and urged them not to rest on their oars.

He said, “Over three years ago, we resolved to address the persistent customer service challenges in the Bank by launching the Customer First (C1st) Philosophy. The primary objective of which was to transform the Bank into an undisputed customer-focused institution delivering excellent financial services from the customers’ standpoint.

“As we celebrate this year’s Customer Service Week, I would like to express my gratitude to you all for the journey so far. It is my belief that, with our collective strength and commitment to the Bank’s corporate goals, the on-going crusade on Customer-First Philosophy, anchored on our core values; Enterprise, Excellence and Execution (3EEEs), the C1st drive will permeate the system and become our most treasured initiative group wide,” he noted.

Explaining the theme, he urged staff to do all they can to go the extra mile and promote great satisfaction for customers, adding, “Let’s strive to put the magical touch in everything we do to create a symbolic service experience for our ‘Employer’ – the Customer!”

The GMD seized the opportunity to explain that UBA is on the right trajectory to entrenching herself as the preferred bank in the hearts of customers, adding “Our primary objective is to imbibe and demonstrate C1st philosophy as a ‘way of life’ in all our engagements with customers. This is truly our core essence and how we wish to be primarily recognised always.”

Also commenting on the special week, the Group Executive, Customer Fulfilment Centre, UBA Group, Mr Anant Rao said that  UBA in the last 3 years  has deliberately focused on  its  Customer 1st philosophy leveraging on a three prong lever of  People, Process and Technology, saying that large scale transformations have been engendered with clear focus on serving the needs of the customers while laying emphasis on creating a holistic  end to end Customer journey and with our ecosystem revolving around our Customers. 

“The  singular mission of our  consistent  and superior customer experience has been imbibed into the DNA of each and every staff of the bank. In this way, there is no gainsaying that Service has been institutionalized at UBA. The mantra of our Customers being  our employers has been ingrained into the psyche of each and every staff,” Rao noted. The United Bank for Africa, Africa’s global bank, was founded 70 years ago in Nigeria and today, operates in 20 African countries and in the United Kingdom, the USA and with presence in France. UBA serves over 17 million customers across the globe with more than 1000 branches and touch points. In 2018, the bank received the award of Africa’s Best Digital Bank by the Banker’s magazine.

Africa’s leading financial institution, United Bank for Africa Plc has announced its audited half-year financial results for the period ended June 2019, showing impressive growth across key performance indices as well as a significant contribution from its African subsidiaries.

In spite of the increasingly unpredictable environment witnessed in some of its countries of operations, the pan African financial institution delivered double-digit growth in its profit before tax as it rose by 21 per cent to N70.3bn for the half-year to June 2019, up from N58.1bn recorded in the similar period of 2018, just as the Profit after Tax also improved to N56.7 billion, a 29.6 percent growth compared to N43.8 billion achieved in the corresponding period of 2018. The profit for the first half of the year translated to an annualised return on average equity of 21.7 per cent.

According to its results filed with the Nigerian Stock Exchange, UBA recorded a 14 percent year-on-year rise in top-line, with gross earnings of N293.7 billion, compared to N257.9 billion recorded in the corresponding period of 2018. Analysts say that this result emphasises the capacity of the Group to deliver strong performance through economic cycles in spite of the overall challenging business environment.

As at 30 June 2019, the Bank’s Total Assets grew by 4.8% crossing the N5 trillion mark to N5.10 trillion. Customer Deposits also rose by 4.8 per cent to N3.51 trillion, compared to N3.35 trillion as at December 2018. This growth trajectory underscores UBA’s market share gain, as it increasingly wins customers through its revitalized customer service culture coupled with innovative digital banking offerings. The bank’s Shareholders’ Funds remained strong at N542.5 billion, reflecting its strong capacity for internal capital generation.

In line with its culture of paying both interim and final cash dividend, the Board of Directors of UBA Plc declared an interim dividend of N0.20 per share for every ordinary share of N0.50 each held by its shareholders.

Commenting on the results, the Group Managing Director/CEO, United Bank for Africa Plc (UBA), Mr. Kennedy Uzoka said: “I am pleased with the half performance of the Group, having delivered 14% growth in gross earnings and 21% growth in profit before tax. Despite the subdued yield environment in some of our large markets, we achieved a 9% growth in interest income and defended the net interest margin. We also achieved a 39% growth in our electronic banking revenues, as we broaden and deepened our digital banking play across Africa. Revenues from our remittance and funds transfer businesses grew 69% and 53% respectively. All these factors attest to the efficacy of our strategies and the resilience of our business model.”

He further stated “I am very optimistic that the ongoing Group-wide transformation program, will in the quarters ahead, enable the Bank to deliver substantial operational efficiencies and best-in-class customer service, which will ultimately boost earnings. We sustained our asset quality with the NPL ratio down to 5.62%, from 6.45% as at 2018FY. We will continue to adopt best practice standards to grow and manage the portfolio in the quarters ahead.”

Also speaking on UBA’s results, the Group CFO, Ugo Nwaghodoh said; “We had a strong start in the year given the prevailing macroeconomic environment across our various markets.  There is better diversification in profit contribution as our banking subsidiaries across Africa contributed 38% of the profit before tax, whilst our recently repositioned UK business contributed 4%. We expect this dispersion to continue, as the subsidiaries consolidate on their share of the various markets.”

“I am particularly delighted that the key ratios are trending in the right direction. The net interest margin is trending upwards and will continue to improve as we responsibly grow the risk asset portfolio and realign the funding mix to lower our cost of funds. The cost-to-income ratio trended down to 60% with our focus on balance sheet and operational efficiencies which should enable us to deliver our medium-term CIR target. Capital adequacy ratio increased to 28% from 23.6% in December 2018, providing a very strong buffer for asset growth,” he stated.

United Bank for Africa, Africa’s global bank, was founded 70 years ago in Nigeria and today, operates in 20 African countries and in the United Kingdom, the USA and with presence in France. UBA serves over 17 million customers across the globe with more than 1000 branches and touchpoints. In 2018, the bank received the award of Africa’s Best Digital Bank by the Banker’s magazine.

Pan African financial services institution, United Bank for Africa (UBA) Plc, and the Lagos Chamber of Commerce and Industry(LCCI), have partnered to organize the 2019 edition of the Lagos International Trade Fair.

The Fair, which holds between November 1st and 10th, 2019, is the 33^rd edition and is expected to provide an avenue for networking and other business opportunities that will assist to catapult business activities in Africa’s largest and busiest city, Lagos and in Nigeria.

UBA, which is the headline partner will be working together with LCCI, to provide a veritable platform that is intended to grow both domestic and international trade. It further presents participants and visitors with opportunities to seal medium and top business deals.

In line with UBA’s unflinching support to the growth of small and medium enterprises (SMEs), the bank is giving a 20% discount to its Small and Medium business customers who register to attend the fair.

UBA’s Group Head, Marketing, Mrs Dupe Olusola, who expressed excitement at the partnership, noted that the bank, with its extensive spread across Africa and other major economies of the world, is always on the lookout for partnership opportunities that will benefit the business environment and the economies where it operates.

Olusola noted that the Bank is delighted as this year’s Lagos International Trade Fair is coming after a very successful organisation of UBAmarketplace by the Bank in Abuja, where over 120 SMEs from 20 African countries exhibited their products, attracting over 50,000 footfalls.

She said, “UBA, the Pan African financial institution, has branches in 20 African countries, including the United Kingdom, the United States of America and France and has always been involved in activities that aim to strengthen business connections and networks across key economies.

“Thus, we have decided to partner with LCCI to promote this year’s fair which is in its 33rd edition because the Lagos International Trade Fair has become a genuine avenue for both domestic and international trade through business to business meetings, product launches, enlightenment opportunities for government agencies’ programmes, and international trade partnership deals across borders” she explained.

She added that the partnership will also offer the bank the opportunities to showcase its array of products to its teeming and new customers, adding that the bank will set up stands at various points to serve its customers and attend to various concerns.

The Director-General of the Lagos Chamber of Commerce and Industry, Mr. Muda Yusuf who praised the collaboration between both institutions, noted that it is a partnership that is expected to yield great benefits, owing to the fact that the LITF hosts an average of 2,000 exhibitors annually, with over 200 foreign exhibitors from 16 countries.

He also added that arrangements have been put in place to make this year’s fair even bigger and better than the previous editions, adding that already, existing and potential exhibitors have been responding positively to register and participate at the Fair.

“We at LCCI believe that this is part of the bold initiatives of the bank with a corporate culture founded upon strong organizational values and performance-driven operating standards”, Yusuf said.

Yusuf stressed that the Chamber would maintain the brand promise of the Fair, with the theme ‘Connecting businesses, Creating value’, adding that this will be sustained this year in all its marketing campaigns.

Leading Pan-African Bank, United Bank for Africa (UBA) Plc in partnership with leading global payments and technology company, Mastercard, will be giving away an all-expenses paid trip- ticket to 12 lucky customers of the bank and their plus ones to watch  the Finals of the 2019 UEFA Champions League.  

Open to all existing and new UBA Platinum Mastercard holders, this amazing giveaway is an opportunity to pamper customers and give them a unique, unforgettable and priceless experience including flights, visas, 5-star accommodation, tickets to watch either the semi-finals or final matches of the UEFA Champions League and so much more with their MasterCard Platinum Access. 

A total of 12 UBA Platinum Mastercard holders from Nigeria and 11 other African countries will share the enthralling experience of watching the finals live with a loved one as well as enjoy the great ambience of the host city of the Semi-Finals or Finals (Madrid). The participating countries are Benin, Cameroon, Chad, Congo Brazzaville, Gabon, Ghana, Liberia, Sierra Leone, Tanzania, Uganda, Zambia. 

“As we celebrate our 70 years of Banking and excellence, this is our way of rewarding customers for their continued patronage to the UBA brand. There will be many more this year as we want to continue to appreciate all our customers. Customers who qualify should get a UBA Platinum Mastercard and spend a minimum of $10,000 or its equivalent in his or her local currency to stand a chance to win the all-expense paid package. To get your UBA Platinum Mastercard at any UBA Branch, a customer simply needs to contact his or her relationship manager at any UBA branch office” the Group Head, Marketing, UBA Plc, Mrs. Dupe Olusola said.

She said, “The UEFA Champions League is the most sought-after trophy in club football competition, and one of the most followed sporting spectacles in the world. To this end, we decided to partner Mastercard and UEFA in bringing the most iconic and cherished moments in the history of football to our esteemed and loyal customers who are the reason we are so successful.

“We realize that a lot of our customers love football and we feel giving them this treasured experience while they are pampered in far-away Spain is the way to go. These are the moments that make football such a passionate sport and we want to share these moments and experiences with our loyal customers across Nigeria and Africa,” Olusola said.

United Bank for Africa Plc is a leading pan-African financial services group, operating in 20 African countries, as well as the United Kingdom, the United States of America and with presence in France.