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Tag: Oliver Alawuba

  • UBA grows net profit by 165% to N142.5bn

    UBA grows net profit by 165% to N142.5bn

    United Bank for Africa Plc (UBA), has posted a net profit of N142.5 billion for the first quarter ended March 31, 2024.

    This represented a 165 per cent increase, from N53.5 billion posted in the corresponding quarter of year 2023.

    The group, in a statement made available to newsmen on Tuesday in Lagos, said its Profit Before Tax(PBT) also rose significantly by 155 per cent from N61.7 billion posted in the first quarter of 2023, to N156.34 billion in the quarter under review.

    UBA indicated that its gross earnings advanced by 110 per cent, from N271.1 billion same period of 2023, to N570.2 billion as at March 31.

    The group said its interest income grew by 130 per cent, to N440.7 billion, while its operating income increased by 115 per cent, from N175.7 billion posted in the first quarter of 2023, to N378.59 billion recorded in the first quarter of the year.

    Commenting on the results, UBA’s Group Managing Director, Mr Oliver Alawuba, said the group delivered strong first quarter performance.

    Alawuba stated that the performance was built on the solid momentum of 2023 financial year, as well as the ongoing execution of its long-held strategy of customer focus, geographic diversification and effective risk management and governance.

    He said: “Our first quarter profit before tax was delivered with triple digit gross earnings growth, supported by very strong interest and non-interest income.

    “Fees and commissions rose by 118 per cent, year-on-year, on the back of improved efficiencies and continued digital adoption.

    “This has helped drive improvement in efficiency and customer satisfaction, with the group’s cost-to-income ratio held at 57.8 per cent.

    “The group’s balance sheet grew steadily with total assets increasing by 23 per cent to N25.4 trillion.

    “Customer deposits closed at N18.4 trillion, recording a 23 per cent increase year-on-year, largely attributed to growth in current accounts and savings accounts.”

    According to him, the group’s unwavering commitment to sound governance, robust risk management, and financial strength position it for continued growth.

    Alawuba noted that UBA would continue to contribute meaningfully to inclusive economic development across our network.

    Also speaking on the performance, Executive Director, Finance and Risk, UBA, Mr Ugo Nwaghodoh, said the group’s operating results for the quarter showed the actions taken to enhance the its performance continued to deliver.

    Nwaghodoh explained that the first quarter results highlighted the groups relentless customer focus and the strength of UBA’s geographic and product diversification, with good performance across all our regions.

    He said: “We continue to differentiate ourselves across all key financial metrics, with a keen focus on high-quality risk adjusted revenues and cost discipline, while maintaining very sound asset quality.“

    “We remain committed to reducing both interest expenses and operating expenses and expect to make steady progress as we move through the year toward our stated profitability targets,” Nwaghodoh stated.

    UBA is a Pan-African financial institution offering banking services to more than 25 million customers, across over 1,000 business offices and customer touch points, in 20 African countries and across four continents.

  • UBA records impressive performance in Q3 2023

    UBA records impressive performance in Q3 2023

    Consolidating on its recently released second-quarter performance, Africa’s Global Bank, United Bank for Africa (UBA) Plc, has again announced a splendid performance in its unaudited financial results for the third quarter ended September 30, 2023, recording impressive growth across all key performance metrics.

    Replicating the remarkable performance achieved in the first two quarters of the current fiscal year, the bank’s gross earnings grew by 115.2 per cent to N1.309 trillion up from N608bn recorded last year, while operating income rose by 146 per cent from N414 billion in September 2022; to N1.018 trillion in the year under consideration.

    The bank’s financial report filed with the Nigerian Exchange Limited, indicated a whopping 262% rise in Profit before Tax (PBT) to close at N502.01 billion compared to N138.49 billion recorded at the end of the third quarter of 2022, while profit after tax also rose impressively by 287.2% from N116 billion recorded a year earlier to N449.29 billion massively surpassing  its annualised return on average equity for Q3 2023 at 131 per cent to 44.37%.

    As in the preceding quarters, UBA continues to maintain a very strong balance sheet, with Total Assets rising to N16.24 trillion, representing a 49.5% increase over the N10.86 trillion recorded at the end of December 2022, just as the bank  benefitted largely from its technology-led initiatives targeted at improving customer experience over the past few years, with Customer Deposits rising to N11.63trillion, representing a 48.6% rise, up from N7.8 trillion at the end of the last financial year.

    UBA shareholders’ funds remained very strong at N1.778 trillion up from N922.1 billion recorded in December 2022 again reflecting a strong capacity for internal capital generation and growth.

    Commenting on the result, UBA’s Group Managing Director/CEO, Mr. Oliver Alawuba, remarked that the Group has once again shown sustainable and remarkable improvement in key performance metrics over the period, reflecting its commitment to delivering value to shareholders and various stakeholders.

    He said, “This significant improvement is attributed to the impact of FX harmonization, efficient balance sheet management, and our service-focused strategies. Our banking operations outside of Nigeria have continued to capture the broader business opportunities inherent across, and beyond Sub-Saharan Africa.

    Speaking on plans and strategy to sustain and surpass the performance at the end of the year, the GMD explained that the bank will continue to leverage its customer-centric strategies, speed to market, and innovation to consolidate market share in its various jurisdictions, as he pledged the bank’s commitment towards expanding and deepening digital and other transactional banking offerings while building strategic alliances to take advantage of emerging opportunities in due time.

    “Looking ahead, we are optimistic that the growth trajectory will be sustained in the final quarter of the year as we remain focused on consolidating the gains achieved so far in delivering enhanced returns to our shareholders.,” Alawuba pointed out.

    The bank’s Executive Director, Finance & Risk, Ugo Nwaghodoh, said, “Our performance in the third quarter demonstrates the strong momentum of the Bank, as we deliver continuous improvements across our businesses and key performance metrics. This is reflective of the combined impact of higher asset yields, modest funding cost, and balance sheet optimisation.

    Speaking on UBA’s strategy for an excellent performance by the end of the 2023 financial year, Nwaghodoh said, “Notwithstanding changes in the monetary and fiscal regime in some of our markets, we remain committed to driving sustainable and improved performance across our various business segments.”

    United Bank for Africa Plc is a leading Pan-African financial institution, offering banking services to more than twenty-five (25) million customers, across 1,000 business offices and customer touch points in 20 African countries. With presence in New York, London, Paris, and Dubai, UBA is connecting people and businesses across Africa through retail, commercial and corporate banking, innovative cross-border payments and remittances, trade finance and ancillary banking services.

  • UBA Group posts 47.5% growth in gross earnings, profit hits ₦61.4bn

    UBA Group posts 47.5% growth in gross earnings, profit hits ₦61.4bn

    Africa’s Global Bank, United Bank for Africa (UBA) Plc, has released its unaudited results for the first quarter ended March 31st, 2023, recording remarkable growth across all its major income lines.

    The Bank’s result which was released to the Nigerian Exchange Limited (NGX)  on Thursday, April 13, 2023 showed that gross earnings rose by 47.5 percent from ₦183.9 billion to ₦271.2 billion; while Interest Income which stood at ₦125.9 billion as at March 2022, grew by 53.4% to ₦191.9 billion in the quarter under consideration.

    The results further revealed that Operating Income rose by 39.6 percent to ₦175.7 billion, as against ₦125.9 billion recorded in the corresponding quarter of 2022.

    Following the sterling performance recorded in its just released 2022-year-end financials, UBA again saw its Profit Before Tax (PBT) rising significantly by 38.2 percent to ₦61.4 billion in Q1 2023, up from ₦44.5 billion recorded in the first quarter of 2022. In the same vein, its profit after tax (PAT) jumped from ₦41.5 billion to ₦53.6 billion, representing an impressive 29.1 percent increase.

    Commenting on the result, UBA’s Group Managing Director/ Chief Executive Officer, Mr. Oliver Alawuba, explained that despite the high inflationary, and challenging global environment, UBA was able to leverage the uptick in interest rates and improved digital offerings, in growing funded and non-funded income, adding that he is particularly excited at the growth in PBT, which has helped to drive increased returns to shareholders, with a 22.6% Return on Average Equity (ROAE) compared to 19.7% recorded in December 2022.

    “We have continued to record improved gains in our customer acquisition and retention strategies across our countries of presence, evident in the 10.5% growth in customer deposits to ₦8.6 trillion from ₦7.8 trillion at the end of 2022FY. This has enabled the Group drive increased loan growth and interest income, with loans to customers at ₦3.6 trillion, representing a year-to-date(YTD) increase of 5%. For 2023, we remain committed to improving the Group’s performance as we strategically position our entities to take advantage of emerging developments within their jurisdictions and across the globe. We will continue to deliver excellent rewards to our stakeholders,” Alawuba said.

    Also speaking on the performance, UBA’s Executive Director, Finance and Risk, Ugo Nwaghodoh, said that the performance demonstrates the group’s resilience and commitment towards delivering value and enhancing the confidence of its customers, stakeholders and the wider public notwithstanding the competitive landscape and current global trend in the industry.

    “The impressive performance of UBA Group in first quarter 2023 is hinged on its continuous improvement and growth in gross earnings and balance sheet size as gross earnings grew by 47.5% year-on-year to ₦271.2billion and total assets up by 4.6% to ₦11.4 trillion from ₦10.9 trillion as at December 2022, ” Nwaghodoh stated.

    Continuing, he said, “The growth in gross earnings is on the strength of increase in both interest income and non-interest income while growth in total asset is attributable to increased deposits due to aggressive deposit mobilization drive that resulted in a 10.5% growth in customer deposit in the first quarter.”

    United Bank for Africa Plc is a leading Pan-African financial institution, offering banking services to more than thirty million customers, across over 1,000 business offices and customer touch points, in 24 countries and across 4 continents.

    With presence in the United States of America, the United Kingdom and France and recently the United Arab Emirates, UBA is connecting people and businesses across Africa through retail; commercial and corporate banking; innovative cross-border payments and remittances; trade finance and ancillary banking services.

  • Full year 2022: UBA delivers strong results as profit hits N201bn

    Full year 2022: UBA delivers strong results as profit hits N201bn

    Africa’s Global Bank, United Bank for Africa (UBA) Plc, has released its audited financial results for the full year ended December 31, 2022, showing impressive performance across major indices.

    The 2022 financials, filed by the Bank at Nigerian Exchange Limited (NGx) on Thursday, showed that gross earnings rose significantly to N853.2billion from N660.2billion recorded at the end of the 2021 financial year, representing a strong 29.2 percent growth.

    Total assets rose remarkably by 27.2 percent, crossing the N10trillion mark, to close at N10.9trillion in December 2022; up from N8.5trillion in 2021. This is a very significant achievement and milestone in the history of the powerhouse financial institution.

    Despite the highly challenging global economic and business environment, UBA recorded a laudable profit before tax, with a 31.2 percent growth, to close the year under review at N200.8 billion, rising from N153.01 billion recorded at the end of the 2021 financial year; while profit after tax (PAT) grew by 43.5 percent to N170.2billion in 2022, compared to N118.7 billion recorded the year before. Consequently, UBA Group Shareholders’ Funds rose to N922.1billion, as at December 2022, achieving an impressive growth by 14.6%, compared to prior year.

    In the year under consideration, UBA Group cost-to-income ratio dropped to 59.2%, from over 60% in prior year, pointing at the Group’s improving efficiency.

    In its usual tradition of rewarding shareholders, the Bank proposed a final dividend of 90 kobo for every ordinary share of 50 kobo, for the financial year ended December 31, 2022. The final dividend which is subject to the ratification of the shareholders during its upcoming Annual General Meeting (AGM) will bring the total dividend for the year to N1.10 per share, as the Bank had paid an interim dividend of 20 kobo, based on its audited 2022 half year results.

    Also worthy of note, UBA recorded a 21.4 percent growth in loans to customers, moving up to N3.4 trillion in 2022, whilst customer deposits improved by 22.9 percent to N7.8 trillion, compared to N6.4trillion recorded in the corresponding period of 2021, reflecting increased customer confidence, enhanced customer experience, successes from the ongoing business transformation programme and the deepening of its retail banking franchise.

    Commenting on the result, the Group Managing Director/CEO, Oliver Alawuba, said notwithstanding the tight and challenging operating environment, UBA continues to deliver significant performance.

    He said, “The Group delivered record headline earnings (+29.2%) and profitability (+31.2%) amid significant headwinds in markets where we are present and a heightened global risk environment. Our record earnings, growth, and robust capital levels supported higher returns for the shareholders. The Group is on course to achieve its strategic goals, and we are confident we will deliver our targets.

    “We have navigated unprecedented macroeconomic headwinds and made significant gains in our diversification strategy and Customer 1st philosophy as we build resilience in our operations across Africa and the Rest of the World to support the mission of providing superior value to our stakeholders. The Group’s Profit after Tax increased by 43.5% to N170.3billion, with underlying growth in our key income lines and moderation in our cost of fund, resulting in robust growth of 14.6% in the Group’s Shareholders’ Funds and stronger liquidity. We continued to sharpen our risk management structure and practices to align with evolving risks”, Alawuba said.

    On the outlook for the year 2023, Alawuba said, “we are strategically positioned to increase our market share in our countries of presence, with expansion to Dubai, United Arab Emirates and strong growth of our digital banking and payment businesses, which is pivotal to the evolving cashless economy in Nigeria. We strive to deliver increasingly attractive returns to our shareholders and continued positive impact in the geographies and economies in which we operate”.

    UBA’s Executive Director, Finance and Risk Management, Ugo Nwaghodoh, said going by this recent performance, UBA remains on strong footing and is comfortably positioned to take on more opportunities in Nigeria, Africa and beyond.

    “UBA Group’s 2022FY performance was buoyed by strong balance sheet growth and improvement in Net interest margin, as Group’s Total Assets and customer deposits grew 27.2% and 22.9% respectively, whilst NIM grew to 5.61% from 5.57%. The continuous rejigging of the Groups’ risk management approach resulted in moderation of the NPL ratio, from 3.6% to 3.1%. The Group continued to rely on lower cost funds, further reducing its cost funds to 2.1%.”

    “We are delighted with the strategic progress we have made in FY22 riding on our customers’ trust, the dedication of our people, and the support of our wider partners and stakeholders. The bank remains committed to its business development drive, prudent risk management practices, and we are optimistic to deliver best value for our stakeholders in the days ahead,” he noted.

    United Bank for Africa Plc is a leading Pan-African financial institution, offering banking services to more than twenty-five million customers, across over 1,000 business offices and customer touch points, in 20 African countries and across 4 continents.

    With presence in the United States of America, the United Kingdom and France and more recently the United Arab Emirates, UBA is connecting people and businesses across Africa through retail; commercial and corporate banking; innovative cross-border payments and remittances; trade finance and ancillary banking services.

  • UBA’s Oliver Alawuba conferred with Doctorate Degree

    UBA’s Oliver Alawuba conferred with Doctorate Degree

    For his immense contributions to the growth of banking and finance in Nigeria and across Africa, the Group Managing Director/Chief Executive Officer, United Bank for Africa (UBA) Plc, Oliver Alawuba, was on Saturday, conferred with an Honorary Doctorate Degree in Banking and Finance by the Imo State University (IMSU) Owerri, Nigeria.

    Alawuba was honoured during the school’s 8th Convocation Ceremony, an event witnessed by the Executive Governor of Imo State, Senator Hope Uzodinma. Also in attendance were the former Governor of the State, Dr. Rochas Okorocha, the University’s Pro-Chancellor, Chief Sir, Ernest Nwapa; Vice-Chancellor Professor U.U. Chukwumaeze, Vice-chancellors from various tertiary institutions in Nigeria, captains of industries and a host stakeholders.

    Whilst congratulating Alawuba, the Vice Chancellor, Professor U.U. Chukwumaeze pointed out that the conferment is in recognition of Alawuba’s contribution to redefining Public Sector Banking in Nigeria and across Africa.

    “The honour is in recognition of your numerous contributions to the financial sector in Nigeria and Africa and as one of the major drivers who contributed to taking modern banking to all state capitals and major cities in Nigeria where hitherto most banks primarily concentrated on the major commercial centres of the country,” Professor Chukwumaeze stated.

    Speaking after receiving the recognition, Alawuba expressed his appreciation to the leadership of the University for the honour extended to him, just as he attributed his success to God and hard work. He took time out to encourage the students to stay focused and diligent whilst congratulating other fellow awardees.

    Alawuba said. “I am grateful to the management of IMSU for the honour and recognition, and I want to thank the amiable governor, the VC and other top executives of this great institution for the honour that you have shown me today. I promise that I will continue to do my best to make this school and indeed the indigenes of this great state proud. I also seize this opportunity to advise the young ones to be focused and put their best in their studies, so that one day they will also be recognised globally.”

    Other awardees of the honorary Doctorate Degree include the former Governor of Anambra State, Her Excellency, Dame (Dr) Virgy Ngozi Etiaba; Chief Chika Emenike, CEO of Tummy Tummy Noodles, Chitec Motors Limited, and Kotec Group of Companies; and Engr Simbi Wabote, Executive Secretary, Nigerian Content Development and Monitoring Board, NCDMB.

    Alawuba who emerged the best graduating student in Food and Technology from the Abia State University, is the recipient of multiple awards from humanitarian organisations, and is also a member of several organisations and sports club. He is married to an Associate Professor Dr. Mrs Nkeirula Oly-Alawuba and they are blessed with seven children.

    Alawuba is a seasoned banking professional with over 25 years of work experience. He has a broad range of strategic and well-grounded experience in Corporate and Institutional Banking, Consumer Banking, Public Sector, Retail and Commercial Banking, Project Management, Corporate Governance, and overall bank management.

    Prior to his appointment as the Group Managing Director/CEO of UBA Group, overseeing the group’s banking operations across its 20 subsidiaries in Africa and globally in the United Kingdom, the United States of America, France, and the United Arab Emirates, Alawuba was at various times country CEO and Regional CEO of UBA’s Rest of Africa operations.

    Oliver holds B.Sc. and M.Sc. degrees in Food Science and Technology and an MBA in Banking and Finance. He is an alumnus of the AMP and SEP programmes of the prestigious INSEAD Business School, France and the London Business School respectively. He is also a Fellow of the Nigerian Institute of Management (NIM) and an Honorary Senior Member of the Chartered Institute of Bankers of Nigeria (CIBN).

  • UBA reports 12.3% growth in profit as gross earnings hit N608bn

    UBA reports 12.3% growth in profit as gross earnings hit N608bn

    Africa’s Global Bank, United Bank for Africa (UBA) Plc has announced a remarkable performance in its unaudited financial results for the third quarter ended September 30, 2022, recording impressive growth across all its major indices, replicating the commendable performance it achieved in the first two quarters of the current fiscal year.

    Specifically, the bank’s Gross Earnings rose to N608 billion, up from N493 billion recorded in September 2021, while Operating income also grew by 27.3% to close at N414.1 billion as at September 2022, up from N334.8 billion achieved a year earlier.

    In its financial report filed with the Nigerian Stock Exchange (NSE), UBA reported a 12.3% rise in Profit Before Tax to close at N138.5 billion compared to N123.4 billion recorded at the end of the third quarter of 2021, while profit after tax also rose significantly by 10.9% to N116 billion up from N104.6 billion recorded a year earlier, thus sustaining its annualised return on average equity for Q3 2022 at 19.2%.

    As always, UBA continues to maintain a very strong balance sheet, with Total Assets rising to N9.3 trillion, representing a 9.1% increase over the N8.5 trillion recorded at the end of December 2021, just as the bank benefitted largely from its technology-led initiatives targeted at improving customer experience over the past few years, with Customer Deposits rising to N7.03 trillion, representing a 10.4% rise, up from N6.4 trillion at the end of the last financial year.

    UBA shareholders’ funds remained very strong at N809 billion up from N805 billion recorded in December 2021 again reflecting a strong capacity for internal capital generation and growth.

    Commenting on the result, UBA’s Group Managing Director/Chief Executive Officer, Mr. Oliver Alawuba, remarked that the Group continues to show notable operating resilience amid significant headwinds in its presence markets amidst heightened global risk environment, adding that its strong diversification model and unwavering focus on customer satisfaction continues to give the bank an edge over its peers in the industry.

    He said, “We continue to reap the benefits of our diversification strategy and Customer -1st philosophy and build resilience in our operations across Africa and the Rest of the World to support the mission of providing superior value to our stakeholders.

    “This has translated into strong financial gains evident in growth in our customer deposits and Net interest margin. In addition, we are strategically positioned to drive our market share in our operating countries, with the strong growth of our payments and transaction banking offerings,” Alawuba stated.

    Executive Director, Finance & Risk Management, Ugo Nwaghodoh, said, “The Group’s profitability increased by 12.3% to N138.5 billion, with underlying growth in our key income lines and moderation in our cost of funds.

    We remain very cautious in risk asset creation as we defensively position our asset portfolios to minimize the impact of the heightened credit risk. Consequently, our NPL ratio remains within acceptable threshold at 3.2%.

    United Bank for Africa Plc is a leading Pan-African financial institution, offering banking services to more than twenty-five (25) million customers, across 1,000 business offices and customer touch points in 20 African countries.

    With presence in New York, London, Paris, and Dubai, UBA is connecting people and businesses across Africa through retail, commercial and corporate banking, innovative cross-border payments and remittances, trade finance and ancillary banking services.

  • UBA’s diversified businesses act as hedge against financial risks

    UBA’s diversified businesses act as hedge against financial risks

    Africa’s Global Bank, United Bank for Africa (UBA) Plc has said that its diversified business model in key international markets on the continent and around the world, continues to act as a hedge and to position the Group to better mitigate business risks arising from the financial, economic and political environment.

    UBA Group Managing Director/Chief Executive Officer, Oliver Alawuba, who stated this, pointed out that due to its wide reach and network, the banking group is strengthened and largely insulated from internal and external challenges that have become commonplace amongst financial institutions on the continent.

    Alawuba was speaking in an exclusive chat with pressmen on the side-lines of a four-day UBA Group International Banking Conference which took place in New York, organised and hosted by UBA America between October 17th and 21st, 2022.

    As he highlighted the various challenges plaguing banks and financial institutions in Africa and beyond, including credit risks, market risks and even operational risks, Alawuba explained that with UBA’s vast foray into key markets, the bank has put in place solutions that will help hedge against losses arising such risks.

    He said, “There are several challenges for Nigerian and African banks such as issues of payments, currency depreciation amongst others, but over the years, at UBA, we have developed the capacity to effectively manage these risks whilst we continue to pursue our growth strategy.

    Continuing, he said, “UBA is a diversified institution in terms of the businesses and sectors we support. Some of the countries where we are present, like Zambia, Guinea and Mozambique have not witnessed currency depreciation, and so, the diversified nature of our business is a key positive. It gives us the leverage and provides business resilience. Furthermore, our presence in global financial centres such as New York, Paris, and London provide further diversification of revenues and hedges against devaluation on the African continent. UBA America has been providing banking services to African institutions for over three decades, we know Africa very well and understand how to mitigate the risks of doing business in Africa.”

    The Group CEO added that the International Banking Conference was aimed at proffering solutions, noting that African banks were afforded the opportunity to come together, share experiences and acquire tactical strategies to address the continents’ big financial challenges. The well-attended event saw the convergence of senior representatives from leading African Banks, Sovereigns, Central bankers, and key players in the global financial landscape.

    Speakers at the conference included the Deputy Governor, Economic Policy Directorate, Central Bank of Nigeria, Dr. Kingsley Obiora, who represented the Governor, Mr. Godwin Emefiele, the Director & Global Head Trade Finance, Afrexim Bank, Gwen Mwaba, Director, Regulatory and Finance Crimes Compliance, Exiger, Derik Riesche, amongst other notable financial, non-financial and compliance experts.

    The Convener of the event and Executive Director UBA Group/CEO UBA America, Sola Yomi-Ajayi, said that the objective of the conference was to build and strengthen the financial ecosystem, adding that the Group has been working with African commercial banks and sovereign entities.

    She said, “UBA has been leveraging its extensive network to improve access to financial markets in addition to providing capacity building initiatives for the development of the African financial eco-system. A key take-away from this conference is that the risks pertaining to Africa can be de-risked, and we can make it more attractive to do business with African financial institutions.

    “There are risks and concerns about money laundering and financing of terrorism, and these can be de-risked through building strong AML frameworks, strengthening internal controls as well as leveraging technology to improve transaction monitoring on the continent. We can also do this through structured trade finance and innovative solutions to bridge the foreign currency receivables on the continent,” she added.

    United Bank for Africa Plc is a leading Pan-African financial institution, offering banking services to more than thirty million customers across 1,000 business offices and customer touch points in 20 African countries. Operating in New York, London, Paris, and Dubai, UBA is connecting people and businesses across Africa through retail, commercial and corporate banking, innovative cross-border payments and remittances, trade finance and ancillary banking services.

  • UBA kicks off international banking conference in US today

    UBA kicks off international banking conference in US today

    The International Banking Conference of the United Bank for Africa (UBA) Plc will kick off in New York, United States of America (USA) with the arrival and registration of delegates today.

    TheNewsGuru.com (TNG) reports that the four-day conference, which will be held between October 17th and 21st, 2022 on the New York Hudson River in the United States of America, will be hosted by UBA America – the US branch of Africa’s Global Bank.

    Lined up for the event are Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele; the Group Managing Director/Chief Executive Officer, United Bank for Africa (UBA) Plc, Oliver Alawuba and other experts from the global international markets, who will lead discussions on global economic trends at the 2022 edition of the UBA Group International Banking Conference.

    The highly anticipated event will see the convergence of senior representatives from leading African Banks, Sovereigns, Central bankers and key players in the US financial landscape.

    Other speakers at the event include the Executive Director UBA Group/CEO UBA America, Sola Yomi-Ajayi, Director & Global Head Trade Finance, Afrexim Bank, Gwen Mwaba, Director, Regulatory and Finance Crimes Compliance, Exiger, Derik Riesche, as well as a host of other notable financial, non-financial and compliance experts.

    Participants will seek to address pressing financial challenges while also brainstorming on solutions to the industry’s key challenges and opportunities. They will also explore correspondent banking innovations in a rapidly evolving international banking ecosystem.

    Other issues around correspondence banking, Trade Finance, US Dollar clearing & payments, cross-border and transit payments will also be discussed at the conference.

    Host of the event, Sola Yomi-Ajayi, expressed the bank’s readiness to welcome participants from all over the world to this all-important conference and announced that delegates will also have the opportunity to network while also acquiring tactical strategies to transform their correspondence banking initiatives and unlock new business opportunities.

    Yomi-Ajayi said, “Given our presence in key global financial centres particularly in New York where UBA is the only African Bank with a US Federal Banking license, UBA is providing much needed Correspondent Banking solutions to African Financial Institutions thereby contributing to the development of Africa and providing access to global financial markets.

    “Through this conference, we are bringing together bankers from Central and Commercial banks across Africa, as well as experts from the US financial services industry to brainstorm key challenges and innovations in a rapidly evolving international banking ecosystem.”

    She explained that there will also be networking and one-on-one stakeholder engagement opportunities with UBA executives with international banking, payments and trade Services, US Dollar Wire Clearing and payments expertise and Network and deepen relationship between UBA’s International offices and other African banks.

    “As you may well know, UBA is not just about banking, we are committed to ensuring sustainability of the African continent through promotion of financial inclusion, forging strong partnerships while also contributing to the development of sustainable financial markets on the African continent. An international conference such as this demonstrates our commitment to Africa, facilitates knowledge sharing and capacity building for African institutions,” she added.

    TNG reports UBA is a leading Pan-African financial institution, offering banking services to more than twenty-five (25) million customers, across 1,000 business offices and customer touch points in 20 African countries.

    With presence in New York, London, Paris, and Dubai, UBA is connecting people and businesses across Africa through retail, commercial and corporate banking, innovative cross-border payments and remittances, trade finance and ancillary banking services.

  • UBA records strong double digit growth in top and bottom lines, declares N0.20k interim dividend

    UBA records strong double digit growth in top and bottom lines, declares N0.20k interim dividend

    Africa’s Global Bank, United Bank for Africa (UBA) Plc, has announced its audited financial results for the half year ended June 30, 2022, recording double-digit growth across key income lines as well as significant progress in the contribution from its subsidiaries.

    At the end of the first two quarters of the year, the Bank was able to deliver a 12.6 per cent appreciation in profit before tax(PBT) to N85.7bn, up from N76.2bn recorded in the same period of 2021.

    Despite numerous business, economic as well as geo-political environmental challenges including continued supply-chain interruptions due to Covid, the Russia and Ukraine conflict, and the resultant rise in prices of global commodities, that characterized the first six months of the year, the tier1 lender delivered impressive numbers, with gross earnings hitting N372.4bn, a solid 17.8 percent growth when compared with N316billion that was posted the same period in the prior year.

    Operating income also grew by 20.1% to N256bn in the period, while the firm’s profit after tax closed the first half stronger at N70.3 billion, up by 16.1 percent compared to the N60.6 billion same period in 2021.

    A further breakdown of the Bank’s half-year result, which was filed with the Nigerian Exchange Group(NGX), in the early hours on Thursday, September 8, showed total assets continued on an upward trajectory, increasing 5.4 percent to about N9 trillion.

    The bank also delivered on its core mandate of extending loans to credit-worthy customers for the overall economic development, as loans and advances increased by 4 percent to N3trillion; while deposits rose by 7.9 percent to N7.6 trillion at the end of the period.

    Shareholders’ funds however declined marginally by 2 percent to N788.5 billion, owing majorly to the decline in its foreign operations translation reserve as well as fair value losses suffered from the investment securities valuation occasioned by the increasing interest rate regime across the globe.

    With the strong double-digit growth in profit after tax (PAT) vis-à-vis the marginal decline in shareholder’s fund, the Group’s return on equity (RoE) closed the period stronger at 17.7%, whilst return on assets (RoA) came to 1.6%, up by 9 basis points.

    Reaffirming its commitment to shareholders and the investing public, the Board of Directors of UBA Plc declared an interim dividend of 20kobo per share for every ordinary share of N0.50 each held by its shareholders.

    UBA’s Group Managing Director/Chief Executive Officer, Oliver Alawuba, while commenting on the result, said the stellar performance was in line with management’s expectation, adding that the Bank’s continued focus on its Customer 1st philosophy to pursue the mission of providing superior value to our stakeholders had increased low-cost customer deposits, and boosted the growth of its payment and transaction banking.

    “The financial year 2022 showed initial signs of recovery of economies across the globe, despite continued COVID-induced supply-chain disruptions. However, geopolitical challenges including the Russia and Ukraine conflict, resulted in escalation of global commodity prices, particularly grains and crude oil, which have taken a toll on several economies. Notwithstanding these developments, our half-year numbers came out stronger than the prior year, with top and bottom-line reaching new record highs,” Alawuba said.

    According to him, The Group’s profitability increased by 12.6% to N85.7 billion, with double-digit growth recorded across key income line. The Bank also recorded a decent 20% growth in net interest income as it continues to moderate cost of funds whilst improving yield on assets, thereby contributing to the strong 20% growth in operating income. “Our investments in state-of-the-art technology continue to yield expected results, evident in the huge boost ofour digital banking income, which grew 22.7% year-on-year to N36.3 billion. These gains have enabled us to optimize net earnings amid the accelerating inflationary pressure, the currency devaluation, and increased regulatory-driven cost,” he said.

    The GMD also noted that he is delighted at the strides made by the Bank in growing its market share across Africa. In his words, “Our retail business has continued to grow, as we ride on our agency banking network, trusted brand, competitive product offerings and quality service delivery to deepen our retail penetration,”

    Alawuba who also commented on his recent appointment as Group Managing Director/Chief Executive Officer, alongside five other Group Executive Directors, assured the investing public of his relentless commitment to the growth of the business. “Together, with our highly motivated workforce, we are poised to usher the business into a new era of growth that will deliver superior values to all stakeholders,” he said.

    UBA is a leading pan-African financial institution, offering banking services to more than thirty-seven million customers across 1,000 business offices and customer touch points in 20 African countries.

    With presence in New York, London and Paris and now the UAE, UBA is connecting people and businesses across Africa through retail, commercial and corporate banking, innovative cross-border payments and remittances, trade finance and ancillary banking services.

  • UBA makes new appointments to maintain strategic growth plan

    UBA makes new appointments to maintain strategic growth plan

    United Bank for Africa (UBA) has announced new appointments as Oliver Alawuba becomes the Group Managing Director (GMD) of the bank.

    TheNewsGuru.com (TNG) reports that UBA made the announcement on Monday in continuation of efforts to maintain its strategic growth plan.

    Alawuba brings his experience in Nigeria and UBA Africa to drive UBA forward and fulfil the Group’s ambitions and destiny, according to a statement by the bank.

    The announcement came on a day the bank made known its plan to implement a separate holdco management structure, subject to regulatory approval.

    The new GMD joined UBA in 1997 and has held a series of senior positions, including as the CEO of UBA Ghana, the CEO of UBA, Africa and most recently, as Group Deputy Managing Director.

    Similarly, Muyiwa Akinyemi was announced as UBA’s new Group Deputy Managing Director and will oversee the entire business in southern Nigeria and continue to provide GAM leadership to the entire Group.

    Akinyemi joined UBA in 1998, as a Senior Banking Officer in UBA’s Energy Bank and has served the Group in Nigeria and our broader Africa network for 24 years.

    Also, Emem Usoro is now the Executive Director, Nigeria North. She joined the Group in 2011 and has served in a series of senior regional appointments across Nigeria, covering the retail, corporate and public sectors.

    Sola Yomi-Ajayi is the new Executive Director, Treasury & International Banking. Sola has been with the Group since 2004 and has considerable international experience, culminating in her appointment as CEO of UBA America.

    Alex Alozie has been appointed as Executive Director/Group Chief Operating Officer. Alex joined the Group in 2019 as a Deputy General Manager, and has driven the Group’s digital transformation and operational efficiencies.

    Other appointments include Ugochukwu Nwaghodoh – Executive Director, Risk & Finance. Ugo joined the Group from PwC in October 2004. He has since held a series of significant roles in the areas of performance management, compliance,financial control and reporting.

    Sampson Aneke – Group General Manager – Retail, Digital & Transaction Banking. Sampson joined the Group in 2019, and had responsibility for SME banking across the Group’s African network, and most recently was responsible for the Group’s business in Lagos and southern Nigeria.

    Sanusi Mudasiru – Chief Compliance Officer (Audit & Compliance). Sanusi joined the Group in 1998 and his career has been devoted to ensuring the robustness of the Group’s compliance and internal control functions. He has served as COO for UBA Ghana, UBA Zambia and UBA Africa. Prior to this appointment, he was Group Head, Compliance.

    TNG reports the appointment for the Executive Director, UBA Africa will be announced on January 01, 2023.

    In the meantime, the Bank said the following will continue to provide leadership for regions: Abiola Bawuah – Regional CEO, West Africa; Amie Sow – Regional CEO, CEMAC, and Ebele Ogbue – Regional CEO, East and Southern Africa.

    According to the bank, all appointments take effect from August 01, 2022 and are subject to regulatory approvals.