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UBA Announces Profit After Tax of 43.8 Billion in Q2

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UBA
  • UBA Announces Profit After Tax of 43.8 Billion in Q2

United Bank for Africa on Wednesday announced its audited financial results for the first half of 2018.

According to the report released through the Nigerian Stock Exchange, operating income rose from N161.8 billion recorded in the first half of 2017 to N168.5 billion in the first half of 2018.

Profit after tax rose from N42.3 billion in H1 2017 to N43.8 billion in H1 2018. Representing an increase of 3.4 percent. Profit before tax stood at N58.1 billion.

During the first half of the year, UBA’s total asset rose by 4.9 percent to N4.27 trillion, while Customer Deposits climbed by 6.1 percent to N2.90 trillion.

The lender declared an interim dividend of N0.20 per share for every ordinary share of N0.50 each held on the qualification date, Wednesday, September 05, 2018.

Speaking on the results, the Group Managing Director/CEO, United Bank for Africa Plc (UBA), Kennedy Uzoka, “Our performance in the first half the year reflects the resilience of our business model and strategies. Despite declining yields in two core markets, Nigeria and Ghana, we delivered double digit growth in gross earnings. Our performance demonstrates the success of our digital banking initiatives and broader Customer-First strategies”

“We are integrating banking to our customers’ lifestyle, simplifying processes for routine transactions and driving financial inclusion by making banking services accessible and affordable. We are creating opportunities for wealth creation and economic progress, as we empower our customers through innovative platforms and solutions that support their personal and business growth. Our commitment to delivering excellent service is paying-off, as we increasingly win a bigger share of customers’ wallet across our chosen markets. We won the highly coveted “Africa’s Best Digital Bank” Award by Euromoney, demonstrating our pioneering initiatives are being recognised with Leo, our digital banker having been name checked by Mark Zuckerberg,” Mr Uzoka said.

“Our enhanced asset-liability management strategies improved asset yield and grew interest income by 21 per cent despite prevailing yield environment. Our re-engineered sales structure provided the impetus for renewed retail deposit growth. I am particularly pleased by the 24 per cent year-to-date growth in retail savings and current account deposits, underpining the increasing penetration of our digital offerings and the Group’s overarching goal of democratizing banking across Africa. We improved net interest margin to 7.4 per cent in line with our 2018 target, notwithstanding strong competition for wholesale deposits and the impact of rising global interest rates on our foreign currency funding,” he concluded

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

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Savvy Publishes Its First Impact Report Since Launch

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Savvy Has Released its First Impact Report 

The non-profit organization, Savvy, has today, published its first impact report since its launch. On February 24, 2021, it published a post on Facebook and other social media platforms that read: Feb. 4, made it 6 months since we launched the Savvy Fellowship program, and it seems like yesterday. How time flies.
On a mission to train at least 10,000 passionate individuals to build successful impact-driven businesses, the organization has decided to measure and publish its progress for the last 6 months, to see whether or not it’s making an impact or falling behind. From August 4, 2020, to February 4, 2021, Savvy received 39,958 applications from individuals interested in the Savvy program. It accepted 3,298 of them, which is an 8.25% acceptance rate. 1,121 being female, and 2,177 being male.
These 3,298 participants (often referred to as Savvy Fellows) come from 122 countries. 2,181 of the Fellows have completed the Savvy program—generating 1,278 business ideas and kickstarting 587 businesses during and after the program. In the nearest future, Savvy plans to get more mentors for the Savvy program, train 7,000 more individuals through the program, and provide Internet allowance for some of the Fellows who need it to participate in the program.
Due to the COVID-19 pandemic, many have lost their jobs and are now living in an uncertain world. I and 131 entrepreneurs from 36 countries came together to start Savvy, a global Fellowship program equipping these recently unemployed individuals with the necessary knowledge and skill that they need to start their own impact-driven business and succeed as entrepreneurs,” says Chidi Nwaogu, Head of Fellowship Program at Savvy.
For 12 weeks, no matter what stage their venture is, the Savvy program helps selected Fellows answer all the relevant questions that they need to kickstart their amazing impact venture, gain early traction, achieve product-market fit, scale into new markets, create jobs, and improve the economy of their nations.

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Bandits Kill Six, Abduct 15 in Niger LGs

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Bandits Kill Six, Abduct 15 in Niger LGs

Again, bandits have killed six persons and kidnapped 15 others in renewed attacks on communities in two local government areas of Niger State.

One of those killed was at Pandogari town in Rafi Local Government Area, where five people were abducted, while the remaining five were murdered in Gurmana in Shiroro Local Government Area of the state. Ten persons were kidnapped in this incident.

Both incidents took place Thursday night, according to an eyewitness who spoke to newsmen.

Apart from those killed or kidnapped, a large number of villagers were injured in the stampede that followed the activities of the gunmen and are presently receiving treatment at medical centres in the two local government areas.

“This thing has become a daily occurrence,” a disappointed top government official told the press on condition of anonymity.

“The attacks are creating daily IDPs and social problems for the state,” the official added.

Five persons were killed, while eight others were kidnapped in separate bandits’ attacks on Anwar Mahogi and Rsfingora communities of Rafi Local Government Area of the state also on Thursday.

Several cattle were said to have been rustled in the raid.

One of those killed in Angwar Mahogi was Dauda Daniel, a graduate of the Federal College of Education, Kontagora, who was said to be planning for his wedding slated for March 6, this year.

While the attack lasted, eyewitnesses said that a helicopter hovered in the skies apparently giving cover to the bandits.

There have been no response to calls made to the Police Public Relations Officer, ASP Wasiu Abiodun, for confirmation of the incidents.

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Lagos Gov to Shut Down Third Mainland Bridge this Friday

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Lagos Gov to Shut Down Third Mainland Bridge this Friday

The Lagos State Government will shut down the Third Mainland Bridge for 24 hours from midnight Friday, February 26th to midnight Saturday.

The Commissioner for Transportation, Dr. Frederic Oladeinde who made this known in a statement issued on Wednesday, said the total closure of the bridge is to enable the contractors move the equipment used during the rehabilitation process off the bridge and allow both the Oworonshoki and Adeniji bound lanes open fully to traffic.

Oladeinde therefore, advised motorists approaching the bridge from Ogudu, Alapere and Gbagada to use Ikorodu Road, Jibowu and Yaba, as alternative routes, while Iyana Oworoshoki-bound traffic from Lagos-Island, Iddo, Oyingbo, Adekunle and Yaba are to use Herbert Macaulay Way, Jibowu and Ikorodu Road as alternative routes.

The Commissioner assured that traffic management personnel would be deployed along the affected routes to minimize and address any traffic impediments during the closure.

Commending Lagosians for their cooperation during the prolonged repair works of the Bridge, the Commissioner assured that the bridge is now safe for use by all and sundry.

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