For Second Year Running, UBA Group Emerges African Bank of the Year

CEO, UBA Africa, Mr Victor Osadolor(middle) with the “African Bank of the Year 2019” won by United Bank for Africa(UBA) Group at The Bankers Awards held in London

The Banker Magazine has once again selected leading African financial institution, United Bank for Africa (UBA) Plc as the “African Bank of the Year 2019”.

This is the second time, UBA has clinched the prestigious award, having been named Best African Bank of 2017 by The Banker magazine. This year, UBA also won best bank category in 6 of its subsidiaries: UBA Benin, UBA Tchad, UBA Gabon, UBA Congo, UBA Cote D’Ivoire and UBA Sierra Leone.

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The Time is Now to Invest in Africa and African SMEs, Tony Elumelu Tells Global Investors in Paris

Tony O. Elumelu, CON, Founder, Tony Elumelu Foundation and Chairman, United Bank for Africa (UBA) with Bruno Le Maire, French Minister of Economy and Finance at the Invest for Growth in Africa Conference in France

Tony O. Elumelu, CON, Founder, Tony Elumelu Foundation and Chairman, United Bank for Africa (UBA) with Bruno Le Maire, French Minister of Economy and Finance at the Invest for Growth in Africa Conference in France

Tony O. Elumelu, Founder of the Tony Elumelu Foundation (TEF) and Chairman, United Bank for Africa (UBA) and Heirs Holdings opened the “Ambition Africa” conference organised by the France Invest Africa Club in Paris, France.

As Elumelu delivered the opening address, he urged French investors to look to Africa for long term investment opportunities.

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Q3 2019: UBA Grows Net Profit By 32.3%, as Gross Earnings hit N428.22 billion

UBA House

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.

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Kennedy Uzoka is 2019 BusinessDay’s Bank CEO

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.

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UBA Celebrates Staff, Customers at Customer Service Week

Kennedy Uzoka, GMD, UBA Plc

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.

UBA Delivers 21% Growth in Profit, 21.7% Return on Average Equity; Declares N0.20 Interim Dividend

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.