TheNewsGuru

Tag: UBA

  • UBA expands presence in London as Regulatory Authorities Grants Wholesale Banking Licence to UK Subsidiary

    United Bank for Africa (UBA PLC), Africa’s global bank, announced today that its London subsidiary has obtained regulatory permission to carry out Wholesale Banking activities in the UK. Following this authorization, UBA is now the only Sub-Saharan African bank to conduct banking activities in New York and London, as well as in 20 other countries across Africa.

    Commenting on the landmark achievement, the Group Managing Director/CEO, UBA PLC, Mr. Kennedy Uzoka said: “This authorization strengthens our capabilities in meeting the growing cross-border financing needs of our customers. It enhances our customer coverage and product offerings whilst positioning our Group as an optimal conduit for trade and foreign investments into and across Africa as well as export flows to the United Kingdom. Importantly, the licence will enable us to fulfill our aspiration of deepening financial intermediation in Sub-Saharan Africa and providing the much-needed financial support to the broader real sector of the African economy,” he added.

    The CEO of United Bank for Africa (UK) Ltd (“UBA UK”), Mr. Andrew Martin noted further, “this enhanced positioning of our business is timely, as it comes at a time when the UK is seeking to expand trade and broaden economic ties with Nigeria and Africa in general.”

    As part of the transformation process, resulting from the authorization, the current name of UBA Capital (Europe) Ltd will change to United Bank for Africa (UK) LTD. In addition to a full suite of treasury services, cash management, corporate lending and wholesale deposit offerings to professional and eligible counterparties, the operations of United Bank for Africa (UK) Limited now extends to all aspects of trade finance; issuance, acceptance, confirmation and refinancing of Letters of Credit of different variations, including SBLCs.

    UBA PLC, is a leading Pan- African financial institution, offering banking services to more than fourteen million customers, across 1,000 business offices and customer touch points in 19 African countries. UBA is connecting people and businesses across Africa with presence in the United States of America, the United Kingdom and France

  • UBA Sustains Strong Performance with Growing Contribution and Market Share from Africa

    …Declares Profit Before Tax of N105.3 billion

    …Recommends N0.85 Total Final Dividend for the Year

    United Bank for Africa Plc has announced its audited results for the financial year ended December 31, 2017, showing significant growth in the contribution and market share from its pan-African subsidiaries, among other positive trends in the financial performance.

    The pan-African financial institution’s audited results showed that gross earnings grew substantially to N462 billion, up by 20 percent from N314 billion recorded in the corresponding period of 2017.

    According to the report released to the Nigerian Stock Exchange on Friday, the Group delivered a strong 16% year-on-year growth in profit before tax of N105 billion, compared to N90.6 billion in the 2016 financial year. The Profit After Tax also leaped to N78.6 billion, an 8.8% year-on-year growth compared to N72.3 billion in 2016.

    The Bank’s subsidiaries outside Nigeria contributed a third of the Group’s top-line and 45% of the profit for the year, a remarkable improvement from 31 percent contribution made by the ex-Nigeria offices in 2016. This, according to market analysts affirms the success of the Bank’s expansion strategy, with target of 50 percent contributions by 2020.

    The Bank’s Operating Income grew to N326.6 billion, a 20.6 percent increase compared to N270.9 billion recorded in 2016. This, according to analysts, affirms the capacity of the Group to deliver strong performance through varying economic cycles and challenging business environment.

    The audited results also showed that the Bank’s Total Assets peaked at N4.07 trillion, translating into 16.1 percent year-on-year growth from the figure of N3.50 trillion recorded as at 2016 financial year. In the 2017 financial year, the Bank’s Net loans achieved a prudent 9.7 percent growth at N1.65 trillion, while the customer deposits grew to N2.73 trillion, representing 10 percent YoY growth on N2.49 trillion recorded in 2016 financial year.

    Reflecting a strong internal capital generation, the Bank’s shareholders’ fund also soared 18.2 percent to N529.4 billion in the 2017 financial year.

    Subject to the approvals of the shareholders, the Board of UBA Plc proposed a final dividend of 65 kobo per every share of 50 kobo each. This final dividend proposal is in addition to the 20 kobo per share interim dividend paid after the audit of the 2017 half year financial statements, thus putting the total dividend for 2017 financial year at 85 kobo per share.

    Commenting on the result, Kennedy Uzoka, the GMD/CEO, said: “the results, underlines the success of our strategy of expanding across Africa, diversifying revenues and capturing the broader business opportunities inherent in Africa’s growth. The results reinforce the sustainability of our business model and the capacity to deliver superior long-term return to shareholders, as the economic and business environment improve.”

    “In 2017, we made strong progress in our strategic initiative of dominating transaction banking across all our countries of operation, gaining market share in all lines of our business. Even as the non-oil sectors of our largest country of operation, Nigeria, remained relatively weak, we still grew earnings by 20% to N462 billion, a third of which is attributable to non-funded income,” he further noted.

    Also speaking on UBA’s financial performance and position, the Group Chief Finance Officer(GCFO), Ugo Nwaghodoh said; “In a period of high interest rates, we achieved a relatively low 3.7% cost of funds. This operational efficiency reflects the benefit of our rich pool of stable savings and current account deposits. The net interest margin stabilized at 7%, even as yields on treasury assets dropped in the last quarter of 2017. Our core transaction banking offerings gained strong momentum, with income from these business lines growing by double digits.”

    “We remain committed to our responsible approach to balance sheet management, with focus on growing risk asset and broader balance sheet in a profitable and prudent manner. Amidst a subdued Nigerian credit market, we grew our loan portfolio by 10%, leveraging our robust liquidity and capitalization to support good businesses through this challenging economic cycle. We closed the year with a Basel II capital adequacy ratio of 19% and a liquidity ratio of 50%, well ahead of 15% and 30% regulatory requirement respectively. Our disciplined approach to lending and broader risk management continues to uphold our asset quality.”

    Apart from the strong financial performance in 2017, UBA Group proved its leadership on the continent as the Banker Magazine crowned the Group, “African Bank of the Year 2017”. To further demonstrate the group’s strength and dominance in the financial sector on the continent, four of UBA Group’s operations in Africa also led contenders in their respective countries to emerge the Best Bank of the Year 2017 in their respective markets. UBA Congo, UBA Tchad, UBA Gabon and UBA Senegal emerged the Best Bank of the Year in Congo, Tchad, Gabon and Senegal, reinforcing the strong franchise of the Group across its chosen markets in Africa.

    United Bank for Africa Plc is a leading financial services group in sub-Saharan Africa, with presence in 19 African countries, as well as the United Kingdom, the United States of America and France.

    From a single country operation founded in 1949 in Nigeria, Africa’s largest economy, UBA has emerged as a pan-African provider of banking and other financial services, to c.10 million customers globally, through one of the most diverse service channels in sub-Sahara Africa; 632 business offices, 1,750 ATMs, some 13,500 PoS, and a robust online and mobile banking platform.

    UBA was the first Nigerian bank to make an Initial Public Offering (IPO), following its listing on the NSE in1970. It was also the first Nigerian bank to issue Global Depository Receipts (GDRs). The shares of UBA are publicly traded on the Nigerian Stock Exchange (NSE) and the Bank has a well-diversified shareholder base, including foreign and local institutional investors as well as individual shareholders.

  • China Devt Bank, UBA sign $100m loan for SMEs in Africa

    United Bank for Africa (UBA) and China Development Bank (CDB), the world’s largest development finance institution, has announced the signing of a $100 million seven-year loan agreement to finance the development of small and medium enterprises (SMEs) in Africa.

    The $100 million loan will enhance UBA’s capacity to provide access to finance to small and medium enterprises (SMEs) across the 19 African countries where UBA currently operates.

    “We are excited to partner with China Development Bank (CDB), the Development Financial Institution of the Chinese Government, on this historic transaction, as we strongly believe that the facility will serve as a catalyst to the sustainable development of commerce and industry in Africa through provision of critical financial interventions to SMEs across our presence countries,” says Group Managing Director/CEO, UBA Plc, Mr. Kennedy Uzoka.

    Uzoka noted that this line of credit is timely, as it should complement the recovery of economic activities. It will also further encourage African entrepreneurship particularly as the funds will be applied to SMEs, which are important for inclusive growth on the continent.

    Speaking during the signing ceremony, Chairman of UBA Plc, Mr. Tony Elumelu said that the fund will boost small and medium scale enterprises across Africa, noting that CDB’s interest in supporting SMEs aligns with UBA’s vision in growing business across Africa.

    “In UBA, CDB would have an enduring partner in reaching out to Africans as UBA provides banking services to over 14 million people across 20 African countries, and like CDB, UBA funds critical infrastructural projects on the continent “ Elumelu said. He expressed that he would like to see an even stronger relationship grow with CDB and UBA as well as with China and Nigeria.

    Also commenting, the President of CDB, Mr. Zheng Zhijie, said the agreement is the beginning of cooperation between UBA and CDB that would translate into an enduring business relationship between China and Africa and Nigeria in particular.

    “UBA is a leading and dependable bank not only in Nigeria but Africa, and this partnership will help our Bank to accelerate its business objectives in Africa, more importantly as we deepen our investment in energy, road and rail constructions, infrastructure in Africa,” Zhije said

     

  • UBA Contactless Cards Hit Industry High of Three Million

    …Over 10m Debit Card Issued

    Pan-African financial institution, United Bank for Africa (UBA) Plc, has again demonstrated its superiority in the Nigerian e-Banking space with the issuance of over three million Near Field Communication (NFC) technology enabled contactless cards to its teeming customers.

    UBA has revolutionised the payments landscape in Nigeria in 2015, with the introduction of contactless payment cards which enable customers pay with ease by leveraging the NFC technology.

    The NFC technology allows wireless communication between devices that are a few centimetres apart. The NFC payment Card uses microchips/antenna to transmit data via shortwave radio frequencies. Usually, when one NFC-enabled device is close enough to another NFC device, a connection can be established and data shared between them. The card communicates data to the reader to initiate and complete the transaction using NFC technology.

    Being a forward thinking institution that puts the needs of its customers as its priority, UBA with operations in 19 African countries, developed this solution to ease transactions and to make life simpler for its customers in all parts of the world. This has been done in response to the increasing need for digitally-driven processes as well as to develop products to meet up with the current fast-paced needs of consumers.

    In addition to the contactless cards, the bank has issued well over 10 million debit and prepaid cards, serving both customers and non-bank customers in its countries of operation.

    With the contactless card, users continue to experience limitless convenient payment services as the contactless payments are fast, easy and secure with the added advantage of the NFC technology which works by simply touching the card against the reader without slotting it into the terminal. Customers are also able to use the cards to pay on regular POS terminals.

    UBA’s Group Head, Cards, Dr. Yinka Adedeji, said “We are delighted to reaching this milestone. Our customers have found out that with our contactless cards, they make payments for everyday essentials and other things that money can buy the contactless way, and these cards can be used across all the channels where you use your regular card – ATM, POS and Web”.

    He also explained that all UBA contactless cards use the Combined Data Authentication EMV Chip “which is currently the highest standard for chip technology used in payment cards to ensure that UBA contactless cards are absolutely safe.”

    These cards, which work anywhere in world, have over the years, made it easy for customers to have access to basic banking transactions quickly, safely, and conveniently without having to visit bank branches, via ATMs, POS and on the internet.

    UBA’s Group Managing Director, Kennedy Uzoka, said the bank remains a leader in the e-banking innovation space, adding that UBA cards are protected with the best in class security tools.

    He said, “We have driven other initiatives such as the acceptance of international cards on our POS terminals and that UBA PoSs are now NFC enabled. Our POS terminals are also enabled for Dynamic Currency Conversion (DCC), which means customers and non-customers using foreign payment cards on our POS can see their transaction value in the currency of their card or home country; this aids transaction tracking and personal account reconciliation.”

  • UBA fetes clients, premieres most anticipated movie of the Year #BlackPanther [Photos]

    Pan-African financial services group, United Bank for Africa (UBA) Plc, on Friday, 16th of February, treated its esteemed clients to an evening of fun glamour and glitz at the screening of the most anticipated movie of the year ‘Black Panther’.

    The movie premier, powered by UBA, which celebrates black excellence and diversity witnessed a gathering of distinguished personalities, including, business magnates, captains of industry, opinion leaders, entertainers and distinguished media personalities who turned out in their numbers to see the epic film.

    It was a night when all let go and got immersed in the excitement of one special evening at the Imax Filmhouse Cinemas, Lekki as customers, celebrities and friends of Africa’s global bank walked onto a well-laid black carpet, ushering them into what turned out to be an unforgettable and exciting evening. The premier which was themed ‘A night in Wakanda with Leo’ was one that lived up to billing, following the posers put on all UBA platforms requesting that guests turn out like royalty, with special African attire at an event where Africa is being celebrated. Many came dressed in traditional Nigerian robes and gowns, in keeping with the film’s futuristic take on African garments.

    Beyond the black carpet, the ambience of IMAX emerged into an exciting mix of lights and music. The stage was set and the evening did not fail to deliver non-stop entertainment till the early hours of Saturday. It was like being on Broad Way, as ace compere, Ebuka Uchendu, led the guests through a night of fun and laughter and of course, lots to eat and drink.

    Speaking on the reason why UBA put got involved in the premier, the Chairman of UBA, Mr. Tony Elumelu said, the movie focuses on Africa and aptly captures the great potential inherent in the continent. “We need to expose our kids to African excellence everywhere we find it, especially on TV, which has a huge influence on them”.

    “That is why more than anything, UBA decided to support the premiere of an African story that says it all, with the deftness it deserves. Knowledge has no currency or value, it is priceless, he further said, Africans must come up with up with innovative home grown solutions, for challenges encountered. UBA is passionate about innovation in serving Africa and wants to be a part of its success story, he said”.

    The Group MD Kennedy Uzoka, further explained that the story of Black Panther which focuses on Africa’s rich culture, celebrates excellence and the embodiment of greatness which Africa personifies. “It is equally a powerful piece that mimicks real life to a certain extent. UBA(United Bank for Africa) has a wide footprint across Africa and we are very well known for being first in innovation, that tells you to a great extent, why we connect with the story”.

    He further said, “It is also worthy to note that UBA and our new Ai, Leo, the chat banker personifies excellence and the can do spirit captured in the film, which is why we are aligned with iconic movie and decided to make it a night for clients”.

    Some of the dignitaries present at the event include The Group Chairman of UBA Mr. Tony Elumelu and his wife Dr Awele; UBA’s Group Managing Director, Mr Kennedy Uzoka and wife Lotanna; Managing Director, Fidelity Bank, Mr. Nnamdi Nwankwo; Former Governor of Ekiti State, Otunba Niyi Adebayo; Media personalities were also present including Mo Abudu, Noble Igwe; Betty Irabor, Ruth Osime; There were so many celebrities present that every corner you turned you saw a throng of celebs like. It was a star-studded black carpet with Koye Kekere Ekun, IllRymes, Omoni Oboli, Arese Ugwu, Lala Akindoju, Toolz, Banky W, Akah, Bolanle Olukanmi, Folu Storms, Naeto C, Lynx, Ajebutter, Toju Foye and many more.

    TV personality Ebuka Obi-Uchendu and GMD/CEO, UBA Plc, Mr. Kennedy Uzoka
    GMD/CEO, UBA Plc, Mr. Kennedy Uzoka
    GMD/CEO, UBA Plc, Mr. Kennedy Uzoka
    Tony Elumelu and wife, Awele

    Lotanna Kennedy, wife of Kennedy Uzoka, Uzo Oshogwe, Managing Director of Afriland Properties Plc with their children and friends

     

  • UBA gets Fitch Rating’s stable outlook

    UBA gets Fitch Rating’s stable outlook

    Leading global credit rating agency, Fitch Ratings, has affirmed the long-term issuer default rating of the United Bank for Africa (UBA) at “B”, with a stable outlook.

    According to Fitch, the rating of UBA was driven by the standalone creditworthiness of the bank, as defined by its viability rating, which is constrained by Nigeria’s operating environment.

    In its latest report, Fitch highlighted UBA’s systemic importance, its well established franchise and internationalisation across 19 African countries, all of which reinforce the rating strength of the Bank.

    Furthermore, Fitch viewed UBA’s earnings and profitability positively, especially as it’s reported impaired loans/gross loans ratio (i.e non-performing loan ratio) remained relatively low at around four per cent.

    Fitch noted: “Corporate lending dominates the loan book, but much of it is collateralised. UBA’s exposure to the oil & gas sector represents 20 per cent of total loans, lower than the 30 per cent sector average.”

    This, it stated was a reflection of the diversified structure of UBA’s credit portfolio and an apparent evidence of the sound risk management of the Bank.

    In addition, Fitch noted the improved foreign currency liquidity of UBA, following the successful issuance of a $500 million Eurobond in 2017 and also affirmed the strength of the bank’s local currency funding profile.

    According to the rating agency, UBA’s retail deposit is higher than the average of peers and local currency liquidity ratios are high.

    “We reckoned UBA maintained a liquidity ratio of 40% through the first nine months of 2017, a notable buffer over the regulatory requirement of 30%, despite the stressed liquidity in the Nigerian banking system within the period.”

    As regards capitalisation, Fitch anticipated the bank’s capital ratios to be in line with other large Nigerian banks, noting that the National Ratings of UBA Plc reflects its creditworthiness relative to Nigeria’s best credit and to peers operating in Nigeria.

  • UBA wins CrimeWorld’s Most Security Conscious Bank of the year, 2017

    The United Bank for Africa, UBA has clinched the Most Security Conscious Bank of the year 2017 award.

    The coveted award which was bestowed on the Pan Africa bank by Frontpage CrimeWorld Publishers Nig. Ltd; publishers of CrimeWorld weekly newspapers and CrimeWorld monthly magazine at the occasion of the formal public presentation of the nation’s first and only wholly Security and Crime newspaper and Magazine and maiden award ceremony held at the Sheraton Hotel Ikeja Lagos on December 7, 2017.

    The bank, sources said, topped the list of consortium of banks nominated for the prestigious award following visible and unrivalled security network emplaced by management both within and outside its branches across Africa.

    Speaking on the criteria for the award, Publisher and Editor-in-chief of CrimeWorld, Prince Albert Uba said UBA really deserved the award adding that it followed a Painstaking and rigorous selection exercise. “You are aware that CrimeWorld is Nigeria’s first and only wholly Security and Crime newspaper and Magazine and our core value is informing the society about crime and security statistics and situations if you like; and so, management underwent cerebral and painstaking statistics gathering and of course, survey of banks that are prone to crimes both cyber, internal and external security arrangement and network and it was discovered that UBA was it; this is however without prejudice to other banks. Again, you are aware that the award is devoid of ephemeral perquisites; if you understand that; so as we progress other banks which rev up their security apparatus would be recognized at subsequent ceremonies. It is going an annual ritual,” said Prince Uba.

    Head, Corporate affairs and external relations, Mr. Ramon Olanrewaju Nasir who received the award on behalf of the his bank recently at the Marina Lagos Headquarters thanked management of CrimeWorld for deeming his bank qualified for the honour saying, “I want to thank you for this honour, it is an honour that will spur us to putting more hands on deck to ensuring that we do not fail the general public and Africa as a whole in the area of security and management of their finances and assets and public relations too. You have challenged us with this award and I can assure you that we will not let you and our numerous customers down.”

  • UBA revolutionises eBanking, introduces Leo, Chat Banking Personality on Social Media Platforms

    Pan-African financial institution, United Bank for Africa (UBA), has today, changed the face of e-banking with the introduction of Leo, the UBA Chat Banker who enables customers make use of their social media accounts to carry out key banking transactions.

    At the official launch of Leo, UBA’s Chat Banker, which took place in Lagos on Thursday, customers of the bank were given a step by step demonstration on the novel way of delivering lifestyle and quality banking through the Facebook Messenger chat platform.

    This is the first time that a financial institution in Africa has come up with this manner of solution to simplify the way customers transact. Something that has become necessary in today’s fast-paced world with demands for quick-time transactions and response.

    With the launch of the Chat Banking, customers will be able to open new accounts, receive instant transaction notifications, check their balances on the go, transfer funds and airtime top up. They will also be able to confirm cheques, pay bills apply for loans, freeze accounts, request for mini statements, amongst other things.

    At the occasion, the Group Managing Director, UBA, Mr. Kennedy Uzoka, said that the launch of Leo is part of initiatives aimed at putting the bank’s customers first with UBA continuously developing strategies aimed at easing transactions for the bank’s numerous users, while ensuring utmost safety of their transactions.

    Mr. Uzoka said, “The formulation of this product, is consistent with the bank’s customer 1st philosophy, where we are doing things not the way we like, but focusing on what the customers want, where they want it, and in the exact platform they want it.’

    “At UBA, we have been working with technology giants that have the global capacity to ensure not only seamless but also effortless banking for millions of our customers across Africa. We at UBA, have collaborated with Facebook to come up with this innovation that is capable of revolutionising the way banking is done in Africa,” he said. Uzoka noted that Leo will in the nearest future, show up on other social platforms and added that all it takes to enjoy the services is simply to have a Facebook account.

    As he unveiled the character of Leo, Uzoka stated: “Leo being an intelligent personality will give you feedback instantaneously as you transact your business on the platform. A solution that is from the customer’s standpoint and is easy to use by anyone’

    Also speaking at the launch of Leo, the Group Head of Online Banking at UBA, Mr. Austine Abolusoro, who conducted a step by step demonstration on the working of Leo, reiterated that Leo is not just a chat machine, but an artificial intelligence personality meant to address any type of banking concerns raised by customers.

    “Leo is ready and waiting to help with most transactions and to deliver any form of banking services. Leo is operating a lifestyle banking platform on facebook messenger to assist with your transactions while chatting with your friends and business partners. The security with this platform is that for every transaction, an OTP (One Time Password) is generated to the phone number that is registered on your account.”

    He explained that with Leo your banking needs become easy and simple. As simple as chatting.

  • UBA sustains strong performance, grows nine months profit by 33%

    …African Subsidiaries’ contribution increases to 40%

    United Bank for Africa (UBA) Plc has announced its unaudited third quarter financial results ended September 30, 2017, showing remarkable performance across key financia..l indicators.

    UBA’s gross earnings grew by 26 percent to N333.9 billion, as against N265.5 billion reported in September 2016. This inspiring result was driven by the strong performance of its recurring core revenue lines, thus reflecting the increasing success of the bank’s enhanced customer engagement. The Group’s operating income stood at N236.9 billion, compared to N183.3 billion recorded in the corresponding period of 2016, representing a 29.3 percent growth. The group also delivered an impressive profit before tax (PBT) of N78.3 billion, marking a significant growth of 33.2% as against N58.8 billion recorded in the similar period of 2016. This impressive performance defies the slow economic recovery in Nigeria as well as some African markets, where the bank operates.

    In the same vein, Profit after Tax (PAT) grew to N60.9 billion representing an impressive 23% growth over the N49.5 billion recorded in the third quarter of 2016. This profitability further reflects the strong earnings capacity of the Group and its capability to progressively deliver superior returns to shareholders.

    While the Group closed the third quarter with Total Assets of N3.77 trillion, a YTD growth of 7.6 percent, it prudently grew net loans to N1.6 trillion, a 6.0 percent YTD growth in the loan book.

    Reflecting a strong capacity for internal capital generation, the Group’s Shareholders’ Fund grew by 13.3 percent to N507.6 billion, whilst it delivered an annualized 18 per cent return on average equity (RoAE).

    Commenting on the result, Kennedy Uzoka, the Group Managing Director/CEO, said, “These extremely positive third quarter results are an attestation of our ability to sustainably grow earnings and market share, notwithstanding the challenging operating environment. They are a tribute to our enhanced customer engagement and focus on continuous improvement in service quality.”

    He further noted that the bank’s nine-month top-line grew by 26.3%, to an unprecedented N334 billion, driven particularly by the strong performance of its recurring core revenue lines.

    Uzoka stated, “Our investment in digital channels is being rewarded, as our market share of digital banking continues to grow and we have also seen strong momentum in the trade and remittance businesses, where we have doubled the monthly run-rate in fee income, a testament to an increasingly optimistic business and currency environment.”

    According to him, the slow, but steady, recovery in economic activities in Nigeria is presenting new opportunities for growth, particularly as improving foreign currency liquidity and the multiplier effect of rising public sector spending are stimulating economic activities.

    “We continue to benefit from the strategic diversification of our business, with non-Nigerian business now contributing more than a third of revenues this quarter. These positive developments reinforce our constructive outlook on earnings and balance sheet growth for the last quarter of the year. To this end, we will progressively deliver superior return to our shareholders, as we extract new growth opportunities in our unique Pan-African franchise,” Uzoka affirmed.

    Also speaking on UBA’s financial performance and position, the Group CFO, Ugo Nwaghodoh reiterated that the Group recorded strong growth across its diversified business segments and geographies.

    He said, “Our Africa operations (ex-Nigeria) again grew strongly in the period, contributing a third of top-line and approximately 40% of earnings.” Continuing, he said, “As we consistently gain market share in digital banking, remittance and trade flows, we are sustainably growing the non-funded income line, which currently represents 28% of our earnings.”

    He explained that whilst high domestic inflation, notably in Nigeria and Ghana, raised external cost pressures, alongside the lag impact of Naira devaluation, the bank remains focused on cost efficiency initiatives; adding, “I remain positive about our earnings outlook, as we complement our revenue drive with cost and operational efficiency gains.”

     

  • UBA wins Interswitch awards

    United Bank for Africa (UBA) Plc has emerged best institution in two esteemed categories at the prestigious Interswitch Awards and Gala.

    The bank beat other nominees in its category, taking away the prize for the Fastest Growing Bank Partner given to the bank with the most impressive performance in Verve card issuance and the Payment Innovation Driver for Trade Finance.

    Both awards further lend credence to the banks dominance in the digital banking space. The award which is a recognition of innovative products and services it introduced in recent times to meet customer needs.

    The UBA had recently also won Finnacle Client Innovation Awards, and Best Bank Awards won by its five subsidiaries across Africa by The Bankers Magazine.

    Receiving the award at a colorful and well attended event, the Group Head, Consumer and Digital Banking, United Bank for Africa, Yinka Adedeji, appreciated the organiser’s for the recognition noting that UBA’s dedication to hard work and particular emphasis on quality to customer needs are been acknowledged. According to him, the award affirms the bank’s strong management and un-matched commitment to service excellence.

    “This only goes to show that our resolve in continuing to deploy innovative solutions that puts customer first by using cutting edge technology for consumer satisfaction and excellent banking experience is important to us. This recognition will further spur us to do more in meeting the needs of our customers with unequalled service hard to find elsewhere”. said Adedeji.