of Pan-African Financial Institution, United Bank for Africa Plc unanimously
applauded the consistent strong performance of the Group, as reflected in the
impressive growth in deposits and broader balance sheet. More importantly, the
shareholders lauded the Management and Board for the total dividend of N29.9bn
paid from the 2018 financial year profits, even as the Group proactively
retains earnings for probable implementation of BASEL III in the near term.
The Group
was also commended for its strides in the larger African continent, as it
continues to deepen financial inclusion in those countries, with corresponding
positive contribution to the Group.  The
foreign operations contributed 40% of the Group’s earnings, with a strong
outlook to further gain market share across all the 19 other African countries,
where it operates.
shareholders, who expressed their appreciation during the Group’s 57th Annual
General Meeting in Lagos on Tuesday, praised the Staff, Management and the
Board, over the proposed dividend, following the impressive performance.
President, Association for the Advancement of the Rights of Nigerian
Shareholders, Dr Faruk Umar, lauded the Management for the hard work, tenacity
and commitment to the Group’s growth, particularly as he noted that the current
Management is fulfilling the vision of the founders and past leaders of UBA in
creating a truly Pan-African Bank.  He
noted that the feat that UBA has achieved on the African continent would be
difficult for any other bank of Nigerian origin to replicate.
said, “I want to specially commend the Management of UBA under the leadership
of the Group Managing Director/CEO, Kennedy Uzoka, for a selfless commitment
and hard-work towards building an enduring institution that we and future
generations can be proud of. More so, I am impressed by the tenacity of this
management in delivering on the vision of shareholders to create a leading and
dominant pan-African financial service institution with global reputation and
culture. Whilst it may have taken us some time to appreciate the cutting-edge
vision of Chairman, Mr Tony Elumelu, CON, in expanding our Group’s operation to
Africa, we are today excited by the performance and contribution of these
operations to our Group’s earnings.”
Chairman, Progressive Shareholders Association of Nigeria, Mr. Boniface Okezie,
also commended UBA for being the first in Africa to embrace Artificial
Intelligence technology in the Nigerian banking space, through the introduction
of Leo, the Virtual Banker. He said that shareholders who are present at the
AGM, who are largely Nigerians are very proud that a bank like UBA with
Nigerian origin has successful operations across the continent and even in
major global financial centres; United Kingdom, United States and Paris. UBA
has shown that Nigeria can make the African continent proud.
shareholder and investment analyst, Mr. Nonah Awoh also congratulated the bank
on its 70th year celebration, and called for a consolidation of past
achievements, noting that UBA has grown to become one of the great institutions
in Africa and thus Management must continue to work hard to sustain the rich
heritage and legacy.
shareholders earlier at the event, the Group Chairman, Mr. Tony Elumelu,
congratulated shareholders over the upgrade of operations in the United Kingdom
and formal opening of the Mali business, adding that the team in both countries
are set to change the narrative of banking, and would thus strengthen the
earnings growth trajectory of the Group, through their respective positive
said, “We are optimistic about the policy environment in most African
economies, where we operate, as we expect diligent implementation of fiscal
policies to help stimulate inclusive economic growth, ease macro pressures and
lower the cost of doing business. I am very optimistic that we will sustain the
strong growth trajectory, as we continue to gain market share across Africa,
leveraging our core values of Enterprise, Excellence and Execution,” Elumelu
spite of slow recovery in economic activities in Nigeria, the bank’s single
largest market, the Group’s total assets grew by 19.7%, driven largely by a
strong deposit growth of 24%, as the drive for retail deposits continues to
yield desired results. “Leveraging on enhanced customer service, the Group grew
retail deposits by 48%, thus strengthening the funding base and providing the
foundation for lower cost of funds in 2019.”
In the
result for the year end December 2018, UBA’s gross earnings grew by 7.0 percent
to N494.0 billion, compared to N461.6 billion recorded in the corresponding
period of 2017. The Bank’s total assets also grew significantly by 19.7 percent
to an unprecedented N4.9 trillion for the year under review.
On his
part, the Group Managing Director/CEO, Mr. Kennedy Uzoka, promised shareholders
that the team remained poised to do more in the coming year.  While speaking on the strength of the
financial institution, Uzoka noted that UBA Group has one of the highest
capital adequacy ratio in the industry, as its BASEL II CAR stands at 24% as at
December 31, 2018, thus reinforcing its capacity to support customers at all
times and demonstrating the Group’s capacity to grow over the medium term.   He said, “We are on a new cost optimisation
journey and we are diligent in executing far-reaching cost-efficient
initiatives, which will complement our revenue growth drive in moderating the
cost-to-income ratio towards our desired target. Ultimately, we look forward to
delivering superior returns to shareholders in the years ahead.
explained that the bank has the strong financial capacity backed by high
capitalization (BASEL II capital ratio well above requirement) and strong
liquidity, adding, “We have worked hard towards connecting Africa and the world
through our presence in key African markets and major global financial centres
such as New York, London and Paris. We are now well positioned to extract the
immense synergy opportunities within our Group, with the ultimate objective of
creating superior and sustainable wealth to shareholders.
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.
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.
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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