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From a struggling position barely four years ago, the United Bank for Africa subsidiaries have raised their contributions in the group’s overall performance for the year 2017.

This remarkable improvement from subsidiaries is seen by market analysts to affirm the success of the bank’s expansion strategy, with target of 50 per cent contributions by 2020.

Analysts like the Renaissance capital, CSL and Chapel Hill Denham have been bullish in their projections with many ascribing the ‘outperform ratings.’

In its 2017 audited results, there was a 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 per cent from N314 billion recorded in the corresponding period of 2017.

According to the report released to the Nigerian Stock Exchange on penultimate Friday, the Group delivered a strong 16 per cent 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 per cent year-on-year growth compared to N72.3 billion in 2016.

The bank’s operating income grew to N326.6 billion, representing 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 per cent 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 per cent growth at N1.65  trillion, while the customer deposits grew to N2.73  trillion, representing 10 per cent year-on-year 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 per cent to N529.4 billion in the 2017 financial year.

In the light of robust performance, 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.”

Moses Adelaja, a shareholder of Africa Prudential, one of the subsidiaries of United Bank for Africa, at the 2017 annual general meeting of the company in Lagos earlier last week, said the bank has not only build strong and reliable offices in its subsidiaries in Africa but it’s Nigerian subsidiaries, especially the ones quoted on the floor of the Nigerian Stock Exchange (NSE) are doing well.

Mobile banking processed transactions valued at N70 billion over the same period. UBA also launched eMailMoni, a service that lets customers transfer funds via e-mail, while Chat Banking allows clients to perform basic transactions through social media platforms.

“For these reasons and others, UBA is the winner of our 2017 African Bank of the Year award,” the magazine stated.

Source: DailyTrust

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BUSINESS

TRANSACT WITHOUT BORDERS WITH THE FIRSTBANK VERVE GLOBAL CARD

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 First Bank of Nigeria Limited, Nigeria’s premier and leading financial services provider, has announced the launch of the Verve Global Card. In partnership with Verve International (Interswitch Group) and Discover Financial Services, the launch took place at Times Square New York City on Monday, 12 August 2019.

In attendance at the event were FirstBank’s Deputy Managing Director, Gbenga Shobo; Group Executive, eBusiness & Retail Products, Chuma Ezirim; Head, Card & Messaging Business, Folasade Femi-Lawal and Interswitch Group’s Founder/GMD, Mitchell Elegbe and Divisional CEO, Verve, Mike Ogbalu. Discover Financial Services’ Senior Vice President, Payment Services, Joseph Hurley and Executive Vice President, Payment Services, Diane Offereins, amongst others were also in attendance.

The Verve Global Card, an introduction by Verve International to FirstBank, is a new entry to the array of card products offered by FirstBank to its customers. The FirstBank Verve Global Card is an enhancement to the existing Verve Debit card with exclusive capacity for domestic and cross border transactions across all channels. The card can be linked to Savings & Current accounts, with a “Safetoken” extra protection for web-based transactions.

L-R: Founder/GMD, Interswitch Group, Mitchell Elegbe; Group Executive, eBusiness & Retail Products, FirstBank, Chuma Ezirim; Deputy Managing Director, FirstBank, Gbenga Shobo; Head, Card & Messaging Business, Folasade Femi-Lawal and Divisional CEO, Verve, Mike Ogbalu, at the Verve Global Card launch in New York last Monday.

 

Speaking on the launch, Deputy Managing Director, First Bank of Nigeria Limited, Gbenga Shobo said, “in partnership with Verve International, we are pleased to launch the Verve Global Card as it reinforces our commitment to putting our customers first with innovative and state of the art financial products and services that promote seamless transactions regardless of where they are across the globe.”

 

“I enjoin every FirstBank customer and the general public to visit the nearest FirstBank branch and request for the card to enjoy seamless cashless transactions” he concluded.

 

The first transaction of the Verve Global Card was carried-out by the Deputy Managing Director, FirstBank, Gbenga Shobo at Swarovski Shop located on Times Square.

 

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BUSINESS

WITH FIRSTBANK’S SPARK, GLAD TIDINGS ECHO FOR LESS PRIVILEGED CHILDREN

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 Their excitement was exceptional that Saturday morning on 6 July 2019. It was an overflowing river of joy and gratitude they could not contain, pumping from their hearts. The students and staff of Wesley School for the Hearing Impaired, Surulere, Lagos had a good reason to be ecstatic.

 

The Chief Executive Officer of FirstBank, Dr. Adesola Adeduntan – First Bank of Nigeria Limited – and a team of volunteers from the nation’s premier financial institution visited the school to demonstrate acts of random kindness. Provisions (Food supplies, drinks, toiletries) and educational materials were given to the school to cater for the hundreds of children under the care of Mr. Kehinde Alimi, Principal of Wesley School 1.

The visit to Wesley School for the Hearing Impaired was part of the 2019 CR&S Week activities by FirstBank. The Bank had its maiden CR&S week in 2017.

 

Expressing his gratitude, Alimi began his speech by asking the students of the school to shout, ‘three hallelujahs’, thereon stating “I sincerely thank every member of your team (FirstBank) for their kindness and generosity. For all you have given us, God will replenish you back a million times. To have reached this stage as an institution has not been easy, but we have been able to pull through with the support of God and organisations like yours. The sheer quantum of materials you have brought also shows that you recognise that we are two schools and not just one – Wesley School for the Hearing Impaired 1 for senior students and Wesley School for the Hearing Impaired 2 for the junior students. You have proved that FirstBank is indeed the first while others follow.”

 

Like Oliver Twist, Alimi couldn’t resist asking for more: “We thank you most sincerely for today’s visit and we kindly enjoin you to continue to find time to interact with us. For us to have been in your thoughts means that you are concerned about our welfare, but we will still be approaching you with requests. We want you to find time out of no time to come and be part of our programmes. We are grateful for your efforts and pray that God will continue to sustain the Bank and all its staff. Thank you very much for all your cumulative efforts.”

 

Dr. Adeduntan had explained that the FirstBank team came to the school to demonstrate the kindness that it preaches and to assure students and staff of its support.

 

He said, “we believe that if all of us can show acts of kindness to people around us, we will make the world we live in a much better place for everyone. Our decision to come here today is to show appreciation to the management for shouldering the enormous responsibility of taking care of these children with special needs. This visit is also to assure the children who are schooling here that, as the popular saying goes, you will not walk alone.”

 

Commendably, Twenty-three other charity homes/institutes including camps of Internally Displaced Persons (IDPs) were visited by FirstBank staff volunteers, led by senior members of staff. The Executive Director, Public Sector, FirstBank, Abdullahi Ibrahim with other volunteer employees visited the School for the Blind, Jabi, Abuja while the Group Head, Corporate Banking, Remi Ajose-Adeogun visited the Down Syndrome Foundation of Nigeria, Fagba, Lagos. Other visited locations were Madinatu and Almiskin IDP Camps, Maiduguri amongst others. Food supplies (provisions, drink, toiletries) and educational materials were delivered to all the visited homes.

 

The wide range of activities of the FirstBank CR&S week underscores SPARK (Start Performing Acts of Random Kindness), a values-based initiative by the Bank which focuses on creating and reinforcing a conscious mindset of showing compassion, empathy as well as giving to others.  It is aimed at inspiring people to make a difference as it is designed to promote kindness to one another. It is executed through a range of strategically designed activities including visits to homes for the less privileged members of society and talks about SPARK.

 

FirstBank’s visit to the various homes was particularly thoughtful in the light of the predicament of the less privileged and persons with disabilities in the country, estimated to be around 19 million by the National Population Commission in 2018.  Many of these persons face several challenges including hunger, starvation, stigmatisation, discrimination and lack of access to healthcare, housing and education. Though the government moved to intervene in their plight when President Muhammadu Buhari signed into law the Discrimination Against Persons with Disabilities (Prohibition) Act 2018 in January, there has yet been the expected respite for them hence, most of them rely on the benevolence of public-spirited institutions like FirstBank and individuals.

 

Considering the number of challenges that Nigerians living with disabilities face, especially lack of access to healthcare, housing and education, there’s no gainsaying the fact that they need all the care and support they can get. And by continuously including them in its plans since it commenced the enlarged CS&R Week in 2017, FirstBank has been at the forefront of providing support for the less privileged Nigerians by reiterating that no assistance is too much to help them live a fulfilled life.

 

With the impacts made across over half a dozen countries that play host to the Bank’s business operations, the FirstBank 2019 CR&S week reinforced that philanthropy is no doubt embedded in its DNA.

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Banking

UBA Makes 20 more customers Millionaires, Doles Out N30m in 3rd Draw of UBA Wise Savers Promo

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Pan African financial institution, United Bank for Africa (UBA) Plc, has again rewarded another 20 customers who have emerged winners in the third quarterly draw of the UBA Wise Savers Promo winning N1.5 million each, bringing the total amount won so far by 60 customers to N90 million.

The electronic raffle draw, which was held at the UBA Head Office in Lagos on Wednesday, July 31st, was witnessed by the relevant regulatory bodies including the National Lottery Regulatory Commission, Lagos State Lottery Board and Consumer Protection Council.

Lucky customers who emerged winners in the latest draw cut across all regions of the country. They are Yusuf Muhammed; Adebakin Anuoluwapo Elizabeth; Babatunde Temidayo Ruth; Christian Emetole; Nwabuife Ikeagu; Omoye Amiengheme; Ogechukwukanma Okoh; Akinyemi Abidemi Betty; Okoro Chukwuma and Chukwu, Patricia Nnenna.

Others are Adejoke Olarinoye; Fatoki Hassan; Nwokocha Ikechukwu Emmanuel; Owolanke kole Emmanuel; Ferreira Adesola Afolatomi; Emmanuel Omoigui; Uzoigwe Anthonia; Elesin Titilayo Oluwabunmi; James Suleiman Umar and Lawan David Nahinokan.

The ongoing promo, which commenced in September last year, is expected to run till September 30, 2019 and will see a final 20 customers from across Nigeria become millionaires, winning N30 million in the last quarter of this year.

At the end of the fourth promo, a total of N120 million will have been won by 80 customers.

Speaking during the event, UBA’s Group Head, Consumer & Retail Banking, Mr. Jude Anele, said that since the promo began late last year, the bank has been impressed at the level of response by its customers and the general public across the country, adding that the purpose of the campaign is to reward loyal customers while encouraging the savings culture.

He noted that there has been a remarkable increase in the number of participants in this edition compared to the previous one, adding that the bank’s objective of helping customers’ save for the rainy day is being achieved.

He said: “It is very easy to spend money but to save is a habit all must imbibe. Our key objective is to encourage our customers to save regularly. We are here to support our customers and to encourage them to save as well.”

Anele urged other customers to take advantage of the subsequent opportunities the last quarterly draw will offer.

The Group Head, Transaction and Electronic Banking, Sampson Aneke, who also spoke at the event said,  “There is no better time to give back and delight customers than this challenging economic period where people need all the support they can get to make life more meaningful. With this in mind we decided to prioritise our customers as we always do at UBA by giving them plenty to cheer about and that is the reason why another 20 customers have been made millionaires today.

Aneke noted that the promo is consistent with the bank’s novel initiatives in prioritizing customers, and said it was necessitated by the invaluable belief the Bank has in its customers.

“We will continue to listen and give them nothing short of the best that they deserve. UBA will not relent, because we are impressed with the impact this has made so far and will continue to touch the lives of our loyal customers positively,” he explained.

The criteria for qualifying for the draw is to save at least N30,000 in a UBA savings account or in instalments of N10,000 each for a period of three months. Those yet to be UBA customers can open a savings account on any of the numerous bank channels, including Magic Banking (*919*20#) and LEO, or in any of the UBA branches across the country, and start saving to stand a chance of winning.

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.

UBA was incorporated in Nigeria as a limited liability company after taking over the assets of the British and French Bank Limited who had been operating in Nigeria since 1949. The United Bank for Africa merged with Standard Trust Bank in 2005 and from a single country operation founded in 1949 in Nigeria – Africa’s largest economy – UBA has become one of the leading providers of banking and other financial services on the African continent. The Bank which was awarded the Best Digital Bank in Africa by the Euromoney awards in 2018, provides services to over 17 million customers globally, through one of the most diverse service channels in sub-Saharan Africa, with over 1,000 branches and customer touch points and robust online and mobile banking platforms.

The shares of UBA are publicly traded on the Nigerian Stock Exchange and the Bank has a well-diversified shareholder base, which includes foreign and local institutional investors, as well as individual shareholders.

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