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Tag: UBA

  • UBA moves to create Africa’s Alibaba and ebay

    United Bank for Africa (UBA) Plc says it wants to create Africa’s version of Alibaba and ebay by supporting the entrepreneurial potential of African youths.

    The Group Managing Director, UBA, Mr Kennedy Uzoka, disclosed this yesterday in Abuja at the opening of the UBA Market Place. He said Africa’s youths were full of ideas that could change the standard of living and reduce poverty on the continent and that was why the bank was passionate about supporting Small and Medium Scale Enterprises (SMEs).

    According to him, “UBA Market Place has brought together under one roof more than 5,000 SMEs from across Africa. We want to create a platform in Africa similar to Alibaba and ebay.”

    To do this, the UBA Group boss disclosed that the bank had offered to free up more funds to support the growth and development of SMEs in Africa.

    Read also: UBA pledges more funding for SMEs in Africa

    He said that the desire to make more money available to SMEs by the bank was taken with a view to stimulating and deepening the African economy. In Nigeria alone, it was revealed that about N50 billion had been set aside from the bank’s portfolio for SMEs financing.

    The UBA Market Place which debuted for the first time in the country in Abuja is an entrepreneurial fair, with exhibitors from 20 African countries, taking place on the sidelines of the Tony Elumelu Foundation Entrepreneurship Forum.

    Uzoka added that UBA had taken steps to make SMEs more viable and better established across Africa. According to him, UBA banks “a lot of customers across the continent and in doing that, we have discovered that there is a gap in the business value chain. That void we discovered is how to bring more buyers and sellers together and that is what we have done today.”

    Also at the event, the UBA Group Head Retail Banking, Mr Jude Anele, stated that 10 per cent of the bank’s total balance sheet had been earmarked to support SMEs in countries where the bank operates in Africa. The countries are Nigeria, Chad, Cote D’ivoire, Ghana, Liberia, Senegal, Uganda, Burkina Faso, Congo Brazzaville, France, Guinea Conakry, Kenya and Mali.

  • Red Cheetah App Exceeds 100,000 Downloads

    The Android version of the innovative Red Cheetah Free Wi-Fi App launched by Swift Networks has crossed the one hundred thousand downloads mark and this is excluding the users of the web and Windows versions of this innovative platform. In addition, the usage of the app has hit an all-time high of 50,000 sessions per day. The app which provides up to 1 Gigabyte of free Wi-Fi internet access per day per user is available at its dedicated 500 hotspots across Lagos State.

    The platform is currently supported by advert revenues from iconic brands like Milo, Nokia, Quickteller, Shoprite, UBA and many others who use it to connect to and engage with this important demographic group. This is in addition to the SMEs who now use Red Cheetah to reach their target prospects relying on its high level of profiling and geo-targeting precision leading to minimal media waste and outstanding return on investment.

    Speaking on this milestone achievement, the Chief Operating Officer of Swift Networks, Mr. Chukwuma Okoye, said that “the accelerating adoption rate for the Red Cheetah service is a clear testament that it is meeting a critical need in the life of its users. We gave ourselves the tall order to help close the digital gap in the country starting with Lagos State and we are well on our way to achieving this feat. It’s been a challenging undertaking given the complexity of the technology and project management skills required to deliver this service model but the rewards so far outweigh the sacrifices, especially now that users and advertisers are warming up to the platform.”

    According to SWIFT’s General Manager SwiftMedia, Mr Bolaji Ige, “my team will not rest on its oars in our quest to reach every nook and cranny of this country with the Red Cheetah Free Wi-Fi service and while continuously improving the user experience. I want to specially thank our early advertising partners whose patronage has made this laudable initiative a reality.”

    Red Cheetah hotspots are currently located across Lagos, especially on tertiary institution campuses, the malls, hotels, restaurants, clubs, hospitals, over 200 BRT buses, among others.

  • UBA, MasterCard partner

    United Bank for Africa (UBA) Plc in partnership with MasterCard is sponsoring 12 lucky UBA Mastercard holders and their plus ones to the Semi-Finals and Finals of the 2019 UEFA Champions League.

    Open to all existing and new UBA Platinum MasterCard holders, this amazing giveaway is an opportunity to pamper customers and give them a unique, unforgettable and priceless experience including flights, visas, five-star accommodation, tickets to watch either the semi-finals or final matches of the UEFA Champions League and so much more with their MasterCard Platinum Access.

    A total of 12 UBA Platinum MasterCard holders from Nigeria and 11 other African countries will share the enthralling experience of watching the finals live with a loved one as well as enjoy the great ambience of host city of the Semi-Finals or Finals (Madrid). The participating countries are Benin, Cameroon, Chad, Congo Brazzaville, Gabon, Ghana, Liberia, Sierra Leone, Tanzania, Uganda, Zambia.

    “As we celebrate our 70 years of Banking and excellence, this is our way of rewarding customers for their continued patronage to the UBA brand. There will be many more this year as we want to continue to appreciate all our customers … for now. Customers who qualify should get a UBA Platinum Mastercard and spend a minimum of $10,000 or its equivalent in his or her local currency to stand a chance to win the all-expense paid package. To get your UBA Platinum Mastercard at any UBA Branch, a customer simply needs to contact his or her relationship manager at any UBA branch office” the Group Head, Marketing, UBA Plc, Mrs. Dupe Olusola said.

  • Shareholders laud UBA over pan-African growth

    •Approves N29.1b dividend

    Shareholders of United Bank for Africa (UBA) Plc have commended the first-tier commercial banking group for its steady growth across the key African markets.

    At the annual general meeting yesterday in Lagos, shareholders commended that UBA’s diversified operations in several African economies in addition to its domestic operations in Nigeria has provided strong base for sustained growth over the years

    Shareholders also approved the payment of a final dividend per share of 65 kobo per share, bringing the total dividend per share for the 2018 business year of 85 kobo. Total dividend for the year stood at N29.06 billion.

    National Chairman, Progressive Shareholders Association of Nigeria (PSAN), Boniface Okezie, commended the board and management for the dividend in spite of unfriendly operating environment, noting that with the financial results, UBA has shown that it can make Africa proud being the biggest bank,

     

    Hamzat Ridwan, representing shareholders from Zamfara State also said the group has proved to be African giant with the performance recorded across the 20 African countries.

    Chairman, United Bank for Africa ( UBA ) Plc , Mr Tony Elumelu, assured shareholders that the group is on a stronger footing to gain market share in Nigeria and other 19 African countries where it operates.

    Elumelu noted that despite the relatively slow recovery of the economy, the group’s retail deposit grew by 42 per cent, a testament to its improved service channels and enhanced customer service.

    He reiterated the commitment of the bank to its pan-African vision noting that UBA is enthusiastic to be a partner in realisation of critical infrastructure across the African countries.

    He pointed out that interest income rose by 11 per cent on the back of increased asset base and African operations contributed 40 per cent of the top-line  earnings, reinforcing the positive outlook on the group’s profitability over the medium to long term.

    Group Managing Director, United Bank for Africa (UBA) Plc, Kennedy Uzoka, said the bank remains liquid and well capitalized with the group capital adequacy ratio (CAR) ratio of 24 per cent, adding that even under a BASEL III scenario, its capital buffer remains strong to support growth.

    Uzoka said the group remains optimistic and will continue to deepen its play in target growth sectors that are benefactors of the government’s reforms and policies whilst banking new opportunities.

     

     

  • UBA gives 20 Wise Savers Promo winners N30m

    United Bank for Africa (UBA) has rewarded another 20 customers who emerged winners in the second quarterly draw of the UBA Wise Savers Promo with N1.5 million each, bringing the total amount won by 40 customers so far to N60 million.

    The electronic raffle draw which was held at UBA House on Thursday 18th of April, was witnessed by the Consumer Protection Council, National Lottery Regulatory Commission and Lagos State Lottery, Board.

    Lucky winners who emerged in the second edition,  cut across all regions of the country. They include Alli Abiodun Ganiu, Tari E Francis; Onah Joseph, Okwandu Faith Ezinne, Igwedinma Chiedozie Onyekachi, Mgbakor Edmund Eke, Nwokoye Adeseye Ifeanyichukwu and Achi Sheyin Micheal.

    Others are Onyekwuluje Christiana Osho; Ibilola U Okeke; Amos Luka, Mukhtar Halima, Musa Abubakar, Olanrewaju Kolade David; Okongwu Hillary Chidinma; Loretta O Okodua; Adeyemo Biodun Adeola; Oyewusi Oyeyinka Abidemi;  Adeola O Adewumi and Anyanwu Vivian.

    The promo, which commenced in September last year is expected to run till September 30, 2019, and will see another 40 customers from across Nigeria become millionaires, winning N60 million in the remaining quarters of the year. At the end of the promo, a total of N120 million will have been won by 80 customers.

  • GTBank, UBA, others parley at Simba, Avaya innovation summit

    Executives of Guaranty Trust Bank (GTBank), United Bank for Africa, Stanbic IBTC Bank, Keystone Bank participated at the just-concluded Innovation Day, organised by Simba Infrastructure Limited in partnership with Avaya to improve digital services and innovation in the country.

    The event, which held in Lagos, was also attended by key stakeholders  from telecoms, oil and gas, health and pension organisations meant to enhance customers’ experience and fulfillment through digital transformation.

    Banks, telecoms and other key sectors of the economy need efficient Information Technology (IT) and Artificial Intelligence (AI) infrastructure to provide seamless banking services to their customers.

    The event, which took place at the prestigious Victoria Crown Plaza Hotel, Victoria Island, Lagos, provided insight to businesses’ needs in Nigeria in building connected experiences required for effective digital transformation. It was well attended by industry experts and IT professionals.

    Avaya and Simba showcased a variety of new products including its flagship cloud based social media product called Avaya Ava. It is a cloud-based messaging- agnostic solution that offers artificial intelligence capabilities for social messaging integration.

    Other products included the enhanced Avaya Equinox Softphone, Avaya Vantage Video Phones, Chatbot and several other solutions for work collaboration and secure video conferencing.

    Simba Infrastructure Executive Director, Sanjay Vaswani, who spoke at the event, assured customers and other participants of the organisation’s commitment to providing unique information technology services across the lifecycle of business operations.

    He said: “As an Avaya exclusive partner in West Africa, Simba Infrastructure has achieved the competency to provide matchless IT services around the Avaya solution portfolio. We deliver customised communication infrastructure solution to our valued customers and provide strategic partnership to Avaya in the Digital Transformation journey.”

    Other top executives from Avaya, who spoke included, Omar Fahnbulleh, Elie Turquieh and Puthanpura  and Vinod Kumar.  They spoke extensively on the several impacts of digital transformation on business re-engineering, emphasising that digital transformation was a key factor in accelerating experiences and business growth through the adoption of mobile digital services, enabling next generation interactions and driving change in customer experience.

    Simba Infrastructure, a member of the Simba Group, is Avaya’s Diamond partner in Nigeria, with its Headquarters in Lagos and offices in Abuja. It has received several awards and recognitions as a leading conglomerate in several key sectors of the economy.

  • UBA unveils 30 student Brand Ambassadors

    The United Bank for Africa (UBA) Plc has restated its commitment to the educational sector with the unveiling of 30 students as UBA Brand Ambassadors for the year in the third edition of its Campus Ambassador Programme.

    The students, made up of 17 males and 13 females, chosen from various tertiary institutions across the country, were selected based on some criteria, including leadership and creative skills as well as the ability to promote the UBA brand as campus ambassadors.

    UBA’s Campus Ambassador Programme is UBA’s initiative to identify young emerging leaders from tertiary institutions and give them a unique and highly rewarding learning experience while also grooming them to be effectual leaders in their societies and country at large. The programme is also an opportunity for the bank to give back to students who remain a core component of the bank’s legacy.

    UBA Group Head, Digital and Consumer Banking, Anant Rao, who spoke at the unveiling at the bank’s Head Office in Lagos on Friday, explained that the UBA Campus Ambassador programme offered a unique opportunity to students to be part of the bank by representing the brand both within and outside the campus.

    He noted that the programme was designed to present a learning experience and a highly rewarding pursuit for students, and provide them with a platform to display their leadership capabilities and showcase their talents which will, in turn, drive further growth to the bank.

    Read Also: Ubani collapses in EFCC custody, rushed to hospital

    He said: “We are glad because since we began this programme a few years ago, the narrative has indeed changed. We are seen as a bank for the young and vibrant and we have been able to develop leadership skills, creativity among the youth. And so with your successful selection, I am happy to say that your learning experience has already begun. You are expected to exhibit the core values of the bank, show the spirit of excellence, execution and enterprise in whatever you do.”

     

  • UBA hinges performance on cost efficiency, asset quality

    United Bank for Africa (UBA) Plc has assured its local and international investors that it’s prudent focus on improved asset quality as well as the continuous adoption of strict cost efficient measures will help the bank achieve its objectives and priorities for the 2019 financial year and beyond.

    This, the bank has said, will culminate into an institution with even stronger indices laced with the capacity to churn out strong double-digit growth in annuity-based trade services, enhanced offerings and improved customer service.

    Already, the bank has instituted a number of enhanced risk management and control framework, which have in no small measure contributed to its financial performances and overall balance sheet growth over the years.

    The Group Managing Director/Chief Executive Officer, Kennedy Uzoka, who noted this in a submission while presenting the bank’s 2018 full year results during an international investor/ analysts conference call last Thursday, explained that UBA’s well-diversified asset book supported by stable funding structure, placed it in a premium position to perform remarkably despite the falling economic indices in its operating environment.

    Read also: UBA:Beyond the current value

    He said: “In spite of slow recovery in economic activities in Nigeria (our single largest market), the Group’s total assets has grown by 19.7 per cent, driven largely by a strong deposit growth of 23 per cent, as the drive for retail deposits continue to yield desired results. Leveraging on enhanced customer service, the group grew retail deposits by 48 per cent, thus strengthening the funding base and providing the foundation for lower cost of funds in 2019.

    “Notably, the growth in balance sheet also partly reflects the impact of exchange rate difference between the reporting dates (2017: N331/$ as against 2018: N359/$, as 37 per cent of loans and 27 per cent of overall balance sheet is foreign currency-denominated. The Group maintained its appetite for a well-diversified balance sheet, with over 60 per cent in liquid, low risk instruments.”

    Uzoka explained to the investors that the bank recorded impressive growths achieved across major financial lines, recording a 48 percent year-on-year growth in retail deposits and improved CASA ratio to 77 per cent.

  • UBA:Beyond the current value

    With a double-digit dividend yield, United Bank for Africa (UBA) Plc is one of the leading first-tier companies in terms of returns on investment. Steady growth in key performance indices over the years brings the bank under close scrutiny. Will it surpass the previous milestone? Capital Market Editor Taofik Salako reports that most analysts share the optimism of the bank’s board and management on its future

    United Bank for Africa (UBA) Plc has been one of the most active stocks at the stock market this earnings season. Last week, UBA was one of the three most active stocks, in terms of turnover volume. The release of the audited report and accounts and the final dividend of the bank for the year ended December 31, 2018 appeared to have quickened investors’ appetite for the leading first-generation bank. With a generally steady performance, the board of directors has recommended a final dividend per share of 65 kobo, bringing total dividend per share for the 2018 business year to 85 kobo. At current market price, this translates to a dividend yield of more than 11 per cent, an attractive return by analysts’ consensus. Locking in a double digit dividend yield and holding on for a build-on on the modest current positive capital gain appeared to be the impetus for investors’ activities in UBA. Many analysts, such as Afrinvest Securities which has placed a buy on the bank, agree with the strategy.

     

    Steady growth

    Key extracts of the audited report and accounts showed modest growths across key performance indicators, despite the industry-wide contraction noticeable in banks’ earnings so far. UBA Group’s gross earnings grew by 7.0 per cent to N494.0 billion in 2018 compared with N461.6 billion in 2017. The top-line performance was boosted by appreciable growth in interest income, which rose by 11.4 per cent to N362.9 billion in 2018. Profit before tax rose by 2.4 per cent from N104.2 billion to N106.8 billion. After taxes, net profit inched up by 1.4 per cent to N78.6 billion in 2018 compared with N77.5 billion in 2017. Due to lower foreign exchange trading income, operating expenses had grown by 4.1 per cent to N197.3 billion in 2018 as against N189.7 billion in 2017.

    The bank’s balance sheet was stronger with 19.7 per cent growth in total assets to a record N4.9 trillion in 2018.Reflecting the modest appetite of the bank in the year under review as well as impact of International Financial Reporting Standards 9 (IFRS 9) implementation, net loans rose marginally by 3.9 per cent growth to N1.72 trillion while customer deposits increased by 22.5 per cent to N3.3 trillion in 2018, as against N2.7 trillion recorded in 2017. With these, loan to deposit ratio dropped from 61 per cent to 51 per cent. Shareholders’ funds declined marginally by 4.8 per cent to N502.6 billion, reflecting the impact of IFRS 9 implementation.

    Underlying financial ratios showed improved risk management and stronger operational outlook. Non-performing loans ratio improved from 6.7 per cent in 2017 to 6.5 per cent in 2018. With lower impairment charges due to improving asset quality, the bank’s cost risk improved considerably to 0.3 per cent. Despite the impact of the IFRS 9 implementation, capital adequacy still improved by two percentage points from 22.0 per cent to 24.0 per cent. Liquidity ratio stood at 50 per cent in 2018 as against 40 per cent in 2017, remaining considerably above the regulatory threshold of 30.0 per cent.

     

    Facts behind the figures

    The bank said the 2018 results showed the increasing benefits of the group’s Pan-African footprints as it continued to grow its market share in key countries of operation across Africa. The contributions of other African subsidiaries, excluding its Nigerian home market, stood at 40 per cent during the period, again confirming the strong footing of the group as a Pan-African franchise. With new operations in Mali and London, United Kingdom, directors of the bank believe its spread-and-quality strategy is the much-needed base for sustained growth.

    Group Managing Director, United Bank for Africa (UBA) Plc, Mr. Kennedy Uzoka, said the bank gained further market share in many countries of operation as it seeks to leverage its Pan-African network with the opening of its 20th African operation. The start of wholesale banking operations in London is expected to complement the mix, with the group’s commercial banking franchise.

    “Our operations in the United Kingdom now offer end-to-end trade, treasury, structured finance, wholesale deposit taking and ancillary services. With this development, we are better positioned to fulfill our aspiration of deepening trade and capital flows between Europe and Africa. We are also pleased with the market acceptance of our new operation in Mali,” Uzoka said.

    According to him, the bank’s Nigerian business is benefiting from product and operational focus, gaining market share – most importantly, the increasing penetration of its retail offerings, a fundamental progress that aligns with its strategy of focusing on sustainable growth.

    Uzoka remained confident that the bank’s performance would be even stronger in the years ahead and shareholders would enjoy even greater dividends, as the group is well positioned to take advantage of imminent fiscal reforms across many economies in Africa, a positive outlook which should stimulate new opportunities in infrastructure, manufacturing, agriculture and resource sectors.

    He noted that the bank has instituted a number of enhanced risk management and control framework which have in no small measure contributed to its financial performances and overall balance sheet growth over the years.

    According to him, UBA’s well diversified asset book supported by stable funding structure, placed it in a premium position to perform remarkably despite the falling economic indices in its operating environment.

    Group Chief Financial Officer, United Bank for Africa (UBA) Plc, Ugo Nwaghodoh noted that the improving mix of the bank’s funding base and asset pricing reinforces a positive outlook on net interest margin and broader balance sheet efficiency.

    “Whilst considerable investment in people, digital transformation and channel enhancement masked cost efficiency gains within the year, with cost-to-income ratio at 64 percent, we are convinced that our diligent execution of new initiatives will ensure the reduction of cost to income ratio (CIR) towards our medium-term target. Our balance sheet is being positioned to take full advantage of market swings and our strong 25 per cent capital adequacy ratio provides headroom for growth, even under a BASEL III scenario,” Nwaghodoh said.

    According to Nwaghodoh, UBA has started 2019 on a good note and should sustain the momentum, as it works towards improving its Return on Average Equity (RoAE).

     

    Analysts’ perspectives

    With a positive year-to-date share appreciation of 1.30 per cent as against the negative average yield of -1.24 per cent indicated by the Nigerian Stock Exchange (NSE) at the close of the stock market on Monday, most analysts see UBA with stronger capital gain in the months ahead. Analysts believed the 2018 results showed a stronger base for future capital appreciation.

    “The group is well positioned to expand earnings by 12.8 per cent to N525.1 billion in 2019.  Loan growth is expected to expand by double-digit based on management’s guidance while investment securities would remain attractive. Non-interest income is expected to return to positive territory, as the group reaps gains from prior investment and efforts in fourth quarter 2018. We also expect improved cost efficiency as cost of risk is contained around 1.0 per cent and cost to income around 60.0 per cent,” Afrinvest Securities stated in its latest earnings analysis.

    With a blend of absolute valuation including Gordon’s growth Net Asset Value, Residual income and dividend discount models, analysts at Afrinvest Securities increased their target price for UBA from N12.90 to N13.09. “This translates to an upside potential of 67.8 per cent; hence we maintain our rating on UBA at “BUY”,” Afrinvest stated.

     

    Beyond the current value

    The board and management of the bank believed that its foray into key markets and economies remain a milestone that will catapult the institution in the coming years. “UBA is a unique pan-African franchise with diversified risk and earnings across fast growing African economies with sound governance, risk management and compliance culture which can be seen from our adherence to international best practice. Our robust digital banking platform through which we are leveraging technology to serve over 15 million customers is a cost efficient approach that has helped to deepen African banking penetration,” Uzoka told investors during an international investors’ call conference.

    According to him, the bank has the strong financial capacity backed by high capitalisation and strong liquidity, while it continues to work towards connecting Africa and the world through its presence in key African markets and major global financial centres such as New York, London and Paris.

    “With great optimism, we look forward to a more rewarding 2019 for our shareholders, as we further sweat our resources and optimize productivity towards delivering superior returns,” Uzoka said. Investors and market pundits appear to share this optimism.

     

  • UBA posts N494b gross earnings

    United Bank for Africa (UBA) Plc has announced N494 billion gross earnings for its audited 2018 financial results.

    Its total assets were worth N4.9 trillion.

    According to the bank’s 2018 financials filed at the Nigerian Stock Exchange (NSE), it gross earnings grew by seven per cent to N494 billion, compared to N461.6 billion recorded in the corresponding period in 2017. The bank’s total assets also rose significantly by 19.7 per cent to N4.9 trillion for the year under review.

    These results, according to financial analysts, largely demonstrates the benefits of the Group’s Pan-African footprints with continued growth in market share in key countries of operation across Africa. The contributions of ex-Nigeria subsidiaries at 40 per cent, again confirms the strong footing of the Group’s franchise in Africa.

    Despite the challenging business environments in the country and across key markets in Africa, the bank’s Profit Before Tax (PBT) stood at N106.8 billion, a 2.4 per cent growth, compared to N104.2 billion in 2017 financial year.

    Similarly, the Profit After Tax rose by 1.4 per cent to N78.6 billion, compared to N77.5 billion recorded in 2017. Due to lower foreign exchange (forex) trading income, Operating Expenses grew by 4.1 per cent to N197.3 billion, compared to N189.7 billion in 2017.

    Reflecting the modest appetite of the bank in the year under review as well as impact of International Financial Reporting Standards 9 (IFRS 9) implementation, net loans recorded a prudent 3.9 per cent growth to N1.72 trillion while customer deposits increased by 22.5 per cent to N3.3 trillion, compared to N2.7 trillion recorded in the corresponding period of 2017.

    The performance reflects increased customer confidence and enhanced service channels. Furthermore, shareholders’ funds decreased marginally by 4.8 per cent to N502.6 billion, reflecting the impact of IFRS 9 implementation.

    Commenting on the result, the bank’s Group Managing Director/CEO, Kennedy Uzoka noted that 2018 was important for the Group, as it gained further market share in many countries. The CEO was excited at the strategic achievements, including the start of wholesale banking in London, as it seeks to leverage the Group’s unique network across Africa. UBA also opened its 20th African branch.

    “Defying the relatively weak economic growth in Africa, earnings were positive and we grew our balance sheet by 20 percent, driven by the 23 percent growth in our deposit funding. In a period of economic uncertainty, we have focused on retail deposit mobilisation, with exciting results. We recorded a 48 percent year-on-year growth in retail deposits and improved our CASA ratio to 77 percent, optimising our funding mix, which will enhance our net interest margin (NIM), over the medium term,” Uzoka said.

    Uzoka remained confident that the bank’s performance would be stronger in the years ahead and shareholders would enjoy even greater dividends, as the Group is well-positioned to take advantage of imminent fiscal reforms across many economies in Africa, a positive outlook which should stimulate new opportunities in infrastructure, manufacturing, agriculture and resource sectors.

    He continued: “Our operations in the United Kingdom now offer end-to-end trade, treasury, structured finance, wholesale deposit taking and ancillary services. With this development, we are better positioned to fulfill our aspiration of deepening trade and capital flows between Europe and Africa. We are also pleased with the market acceptance of our new operation in Mali.”

    Also speaking on the performance, the Group Chief Financial Officer (CFO), Ugo Nwaghodoh said the improving mix of the bank’s funding base and asset pricing reinforced a positive outlook on Net Interest Margin (NIM) and broader balance sheet efficiency.

    “While considerable investment in people, digital transformation and channel enhancement masked cost efficiency gains within the year, with cost-to-income ratio at 64 percent, we are convinced that our diligent execution of new initiatives will ensure the reduction of Cost to Income Ratio (CIR) towards our medium-term target.