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UBA grows profit to N62 Billion In Nine months

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Leveraging its expansive footprint, pan-African banking group, United Bank for Africa Plc (“UBA” or “the Bank”), announced its unaudited Third Quarter Financial Results, showing a 7% year-on-year growth in profit before tax to N62 billion despite the challenging macro-economic environment. This represents an impressive 18.2% annualized return on average equity.

The Bank recorded an appreciable growth in both funding and fee income lines.

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“I am pleased with our performance in the first nine months of the year. Notwithstanding the negative economic growth in Nigeria, we maintained growth in earnings and sustained our asset quality. Increasingly, we are leveraging our unique pan-African platform to drive new customer acquisition and grow market share across our African subsidiaries” said Kennedy Uzoka, Group Managing Director and CEO of UBA Plc.

Furthermore, the Bank’s level of impairment in its overall loan book was moderate. The Non-Performing Loan (NPL) ratio of 2.5% and 0.9% cost of risk remain one of the best in the industry.

UBA Plc’s third quarter results also show significant efficiency gains with appreciable growth in operating income by 11% to N183 billion while profit after tax rose by 8% to N52 billion within the period. Though partly driven by the depreciation in the value of the naira, UBA also recorded a significant 21% year-to-date growth in deposits and a similar 26% growth in total assets. The bank also ensured that cost-to-income ratio remained flat year-on-year at 65% despite   external cost pressures which masked the positive results of its cost efficiency initiatives.

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Also speaking on the results, Group CFO, Ugo Nwaghodoh, said “the growth in deposits and total assets reflects the Bank’s increased share of customers’ wallet and deepening banking penetration across all its chosen markets in Nigeria and Africa which again accounted for a third of the Group’s earnings.”

The Group GCFO assured that UBA will continue  to balance its  appetite for growth and profitability with the strategy of sustaining strong liquidity and capital ratios. The Bank maintained 43% liquidity ratio and 17.6% BASEL II capital adequacy ratio, well ahead of regulatory requirement.

United Bank for Africa (UBA) 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 some 11 million customers globally, through one of the most diverse service channels in sub-Sahara Africa; 632 business offices, 1,798 ATMs, some 13,500 PoS, and a robust internet and mobile banking platform.

 

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Fidelity Bank Renovates Nasarawa PHC Clinic, Donates Water Facility

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Fidelity Bank Renovates Nasarawa PHC Clinic, Donates Water Facility

 

 

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As part of its Corporate Social Responsibility (CSR) initiatives, leading financial institution, Fidelity Bank Plc, has renovated the Primary Healthcare Clinic along the Workers Village in the Tudun Amba Community of Lafia Local Government Area of Nasarawa State.

The bank also provided water facilities to ameliorate issues of water scarcity being experienced in the community in recent times.

Speaking at the inauguration ceremony, the Divisional Head, Brand and Communication Plc, Fidelity Bank, Meksley Nwagboh, said the dignity of every human person is a shared responsibility. The bank decided to embark on the project as a means of improving the living condition of people in the community and as part of the bank’s social responsibility to its host community.

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Expressing gratitude to the leadership of the community for giving the bank the opportunity to execute the project, Nwagboh said, “What we are doing today is not different from what we have been doing in communities, local governments and states across the country over the years. As a socially responsible organisation, we take it upon ourselves to impact our host communities positively through developmental initiatives such as these.

“On behalf of the management and staff of Fidelity Bank, I want to say thank you to everyone who made it possible for us to touch the lives of the people positively in this community and we remain committed to playing our part in helping individuals grow, thrive and prosper”.

On his part, the Honourable Commissioner of Health, Nasarawa State, Gaza Gwamna, while commending Fidelity Bank for the donation of a water facility and the renovation works at the Primary Healthcare Clinic, reiterated the state government’s commitment to continue to support commercial banks to boost the economy of the state.

The Commissioner who was represented by the Permanent Secretary of the ministry, John Damina, further called on the Nasarawa State Primary Healthcare Development Agency to utilise the upgraded facility with care to encourage the bank and other private investors to continue to support the less-privileged people of the state.

“I want to use this opportunity to call on the management of the NAPHDA to ensure proper utilization of this facility for the good of the host community and beyond. This will go a long way in encouraging other private sector players to extend the same gesture to other communities in the state,” he said.

Ranked as one of the best banks in Nigeria, Fidelity Bank is a full-fledged customer commercial bank with over 8.5 million customers serviced across its 251 business offices in Nigeria and the United Kingdom as well as on digital banking channels.

The bank has won multiple local and international awards including the Export Finance Bank of the Year at the 2023 BusinessDay Banks and Other Financial Institutions (BAFI) Awards, the Best Payment Solution Provider Nigeria 2023 and Best SME Bank Nigeria 2022 by the Global Banking and Finance Awards; Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence 2023; and Best Domestic Private Bank in Nigeria by the Euromoney Global Private Banking Awards 2023.

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Presidency, Leadway Assurance Partner NASRE Media Foundation To Support Journalists With Challenges

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Presidency, Leadway Assurance Partner NASRE Media Foundation To Support Journalists With Challenges

 

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NASRE Media Foundation, the humanitarian arm of the National Association of Social and Resourceful Editors (NASRE), extended support to media practitioners facing health or financial challenges, as well as the families of bereaved journalists, on Tuesday, May 14, 2024.

 

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Ably supported by Leadway Assurance, one of Nigeria’s leading insurance companies specializing in life-business coverage and prompt claims payment, and the office of the Special Assistant to the President on Community Engagements, South West, the Foundation provided cash and grains to selected beneficiaries in the first phase.

 

 

 

Mr. Omodele Adigun, a former Deputy Business Editor at The Sun Newspaper, who is currently battling partial stroke, received cash and grains for health support. Mrs. Esther Peter Thomas, wife of the late Peter Thomas, a renowned entertainment editor and publicist for the former Mo’Hits Records, also received cash and grains support.

 

 

 

Similarly, Mrs. Adewole, the widow of the late Qudus Adewole, publisher of Ebony Media who passed away in 2021, received educational support and grains on behalf of their daughter, Yesmee, who was born shortly after Adewole’s death. In the same vein, Mr. Bolu received equivalent support on behalf of Peter, the only surviving son of the late Foluso Samuel, who worked with Encomium Magazine but passed away in 2015. Foluso Samuel’s wife and two of their three children have also died, leaving Peter, a JSS student, in Mr. Bolu’s care.

 

Presidency, Leadway Assurance Partner NASRE Media Foundation To Support Journalists With Challenges

 

 

In a unanimous voice, the recipients prayed for the continued success of NASRE Media Foundation, Leadway Assurance, and the Presidency.

 

 

 

 

 

With discernible emotions and tears in their eyes, Mr. Adigun, Mrs. Esther Peter Thomas, Mrs. Adewole, and Mr. Bolu described NASRE as a dynamic group of experienced media professionals whose efforts are highly commendable. They prayed for the continued success of NASRE Media Foundation, Leadway Assurance, and the office of the Special Assistant to the President on Community Engagements, South West.

 

 

 

In an earlier remark, the President of NASRE and NASRE Media Foundation, Comrade Femi Oyewale, assured the recipients of continued support within available resources. He noted that NASRE Media Foundation was initiated to support media practitioners facing challenges. Stressing the need for support, Oyewale called on corporate organizations, public and private institutions, and individuals to support NASRE Media Foundation in whatever way possible.

NASRE Media Foundation Supports Journalists Facing Challenges

“Media work is hazardous. We take the highest form of risks. We are on the road even in the middle of the night, ensuring that governments and institutions’ actions are anchored in truth for the overall benefit of citizens and taxpayers. The risks we embrace daily take a toll on our health, and when most of us are either deceased or down with ailments, nobody cares for us. These are part of the reasons we set up this Foundation to provide hope for colleagues in the face of hopelessness,” he explained.

Oyewale emphasized that the support extended to the four beneficiaries is just a small step given the large number of media practitioners on NASRE Media Foundation’s list who have truly pathetic cases and need support. “We are not going to rest on our oars. We have a long list of journalists and families of late journalists who need help. Some of the cases are really pathetic. We are committed to this noble cause. This is just the first phase,” Oyewale assured.

“I thank NASRE members for their commitment and dedication. I thank Leadway Assurance Plc and the office of the Special Assistant to the President on Community Engagements in South West for their support. We couldn’t have done this without you,” he appreciated.

“I call on corporate organizations, public and private institutions, and individuals to team up with NASRE Media Foundation in supporting journalists facing challenges to minimize the suffering associated with the job,” Oyewale, who was represented at the event by Idumonza Isidahomhen, Vice President of NASRE, requested.

 

 

Presidency, Leadway Assurance Partner NASRE Media Foundation To Support Journalists With Challenges

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Egbe Obaneye Okunrin Earmarks #15m To Empower Members At SME Business Seminar

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Egbe Obaneye Okunrin Earmarks #15m To Empower Members At SME Business Seminar

Egbe Obaneye Okunrin Earmarks #15m To Empower Members At SME Business Seminar

 

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SAHARA WEEKLY Reports That One of the fastest growing age-groups, otherwise known as Regbregbe in Ijebuland, Egbe Obaneye Okunrin Akile-Ijebu will on Tuesday, May 28, 2024 hold the second edition of its SME Business Seminar.

 

 

 

 

 

Egbe Obaneye Okunrin Earmarks #15m To Empower Members At SME Business Seminar

 

 

 

The event which promises to be business friendly and educative has been scheduled for Chinese Hall, of the upscale Conference Hotel, Ijebu-Ode, the heartbeat of Ijebuland.

 

 

 

 

 

 

 

 

 

 

 

According to a statement by the headship of the Regberegbe, Giwa Oluseye Yusuf, the group through its Baba Egbe has earmarked #15m for the empowerment of 10 members during the SME business seminar to be anchored by Mr Bola Bhadmus, CEO WelthBrifge Asset Management Limited.

 

 

 

 

 

 

 

 

 

 

‘You are cordially invited to the Idokowo Egbe Obaneye 2.0 SME seminar, where industry experts and thought leaders will share insights and strategies for small and medium-sized enterprises to thrive in today’s dynamic business landscape. Join us for a morning of networking, learning, and growth’.

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