COVER
16 •
The Lion King
• October - December 2017
2017 INRETROSPECT
BY NONSO NDUANYA AND BOLA ATTA
The beginning of a new year means different things to differ-
ent people. For some, it is a window for a fresh start and for
some, it is time for reflection and stocktaking.
Reflecting on the past year, one can say 2017 started on a
somewhat bleak note. Africa’s growth had slowed down
significantly due to the economic headwinds faced by
the continent’s largest economies; low commodity prices,
policy somersaults, terrorist attacks and the attendant weak
investor confidence. However, looking at the year in retro-
spect, 2017 has been a year of many ups for UBA.
Despite the very challenging economic environment, UBA’s
all-round performance in 2017 was quite impressive. Under
the astute leadership of Group Managing Director/CEO, Mr
Kennedy Uzoka, the bank achieved so many milestones.
I
t has indeed been a fruitful year for UBA, as the Group
waxed stronger in size and profitability. With an estimated
10% market share in Nigeria and growing wallet in the rest
of Africa, the Group grew revenue and profit by 26% and
33% respectively in the first nine months of the year, achiev-
ing an unprecedented performance in the year. Whilst peer
banks were cutting down on loan creation and shrinking
balance sheet due to weak liquidity and capital positions,
UBA Group reinforced its support to customers and its cho-
sen economies across Africa, growing the loan portfolio and
total assets by 6% and 8% within nine months. Reflecting the
progressive penetration of its franchise in Africa (ex-Nigeria),
the subsidiaries contributed over a third of the Group’s earn-
ings during the 2017 financial year.
Justifying the Bank’s renewed focus on customer service,
UBA moved up two levels in the KPMG - Customer Service
Index (CSI) ratings, both in Retail and Corporate customer
segments. Within three months of launching its Magic
Banking Code - *919# (USSD), it recorded over one mil-
lion customers adoption, just as the Group’s new Mobile
Banking App, is ranked highest amongst peer applications.
Strengthening the Group’s foreign currency balance
sheet was the successful issuance of a debut $500 mil-
lion Eurobond, which was 240% oversubscribed. Further
FINANCIAL PERFORMANCE
