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UBA’s Unwavering Reward for Loyalty, Customer Growth

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UBA Insider dealings

Symbiotic relationships are often key in sustaining commitment between two or more people. For the United Bank for Africa (UBA) Plc, its symbiotic relationship with its customers is sacrosanct.

Infact, one of their key derivatives is passion for overall development and success of its customers. This they have constantly shown over the years through several economic empowerment programmes, essentially giving back to the customers who have entrusted their money to the bank.

By placing value on their customers, the bank has shown its commitment to its partners, thereby helping them attain their goals and dreams, particularly at a difficult and trying economic time as this.

Putting action to words, the Pan African financial institution recently rewarded 10 of its loyal customers with a total sum of N10million in the quarterly draws of the ongoing UBA Savings Promo.

Reward for Loyalty

This promo, which is held every quarter, is intended to appreciate loyal customers of the bank, who have stayed with the bank over the years, and offers fresh opportunities for potential and intending customers to join the growing number of UBA millionaires who have in the past benefitted from several Promo.

This unique promo intends to appreciate loyal customers of the bank, who have stayed with the bank over the years, and will also offer fresh opportunities for potential and intending customers to join the growing number of UBA millionaires who have in the past benefitted from the ongoing Promo.

Requisite for Qualification

To qualify for the promo, new and existing customers of the bank are expected to make a one-time deposit of at least N30,000 before each draw date. Savings account holders eligible for this draw include Target, Bumper, Next Gen, Savings, Teens & Kiddies.

Apart from the savings promo which is held every three months, the bank also has the UBA Bumper Promo which is held monthly, where the first three winning customers are rewarded with N2million, rent for a year at N1.2m and N500,000; with 20 others winning N100,000 each as consolation prices.

Past Winners

Some past winners who cut across all regions of the country and have previously benefitted from the promo include; Nnadumije, Ebube Dawn; Onwochei Christiana Okwukwe; Eze Mathias Nnaji; Christian N Orie; Uka, Okwudiri; Okata Stephen Uche; Okafor Onyinye Esther; Nwanekezi Chimezie Jude; Ayomide V Yahaya and Olanegan, Oyetunde Keji.

Others are Emmanuel Onu Chidozie; Mohammed Fatima; Aminu, Mustapha; James Nanre; Pahinti Albert; Emmanuel O Adeniji; Jaki Movihinze Mercy; Saminu Muritala Mohammed; Ezeh Raphael Uballa; Uchenna Iheji. Already the winners have claimed their cash prizes and are currently spreading the news so others can take advantage of this once in a life time opportunity.

2021 Promo

Prior to the 2021 promo, UBA’s Head, Personal Banking, Ogechi Altraide, said that without a doubt, UBA’s passion for the growth and overall success of its customers cannot be overemphasised, adding that this has consistently been proven in numerous ways. She explained that the bank has consistently invested in cutting edge technology to improve its service delivery and its overall aim of delighting customers.

She said, “With customer-centric promos like the UBA Savings Promo, we have created an ever increasing list of millionaires who continue to join the UBA customer millionaire club. For this edition of the promo, we decided to pick the month of May, which is the month that workers are celebrated across the world for their efforts at contributing to the growth of the economy. We know that this promo will put lasting smiles on the faces of our customers and will also assure them that UBA truly values them'” Altraide said.

UBA’s Head, SME Banking, Sampson Aneke, spoke of UBA’s continuous commitment to give back to its customers especially during these challenging economic periods, where people need all the support they can get to make life more meaningful.

“With this in mind we decided to prioritise them in as we always do at UBA, by giving them plenty to cheer about and that is the reason for the Promo. I have been privileged to visit some of the customers who won in January, and we were more than fulfilled to see happiness and gratitude on the faces of the lucky ones when their cash prizes were presented to them. That feeling is special. So I enjoin those who are yet to join the winning team, to do so. You never can tell, the next big millionaire could be you,” Aneke said.

Draw

This year, the virtual and transparent electronic draw which was held last week Friday, was transmitted live via zoom and the Facebook platform in strict compliance with social distancing rules as directed by the Federal and Lagos State governments.

UBA’s Head Personal Banking, Osita Ede, who addressed participants just before the draws, said there is no better time to give back and delight customers than this challenging economic period where people need all the support, they can get to make life more meaningful.

He said, “As a bank, UBA has been rewarding customers, we have been doing this for several years now; from the Wise Savers Promo, Bumper Draws, and now this. We have been doing this to touch lives and to show appreciation to our customers to tell them we are grateful for their business. This is also an opportunity to reward them for their loyalty to the bank.”

Ede, who stressed that the promo is a way of encouraging savings in a bid towards promoting financial inclusion, as statistics show that a lot of Nigerians are still largely under-banked, added

“our key objective is to encourage our customers to save regularly. We are here to support them and encourage them to save and ultimately grow as well, because we are aware that they are invaluable to all that we do”.

A representative of the National Regulatory Commission, Peace Ibadie, who witnessed the draws, congratulated the 10 winners and commended the bank for its efforts at rewarding loyal customers especially in the tough economic and business environment.

“Congratulations to all the winners, I am glad to be a part of this; UBA is always transparent in their promos and we can fully attest to this. It is important that the bank is also actively encouraging the savings culture. Again, I say congratulations,” she said.

Current Winners

The winners who cut across all the zones of the country are Emeka Onyemauche; Ezeigbokwe Oluebube Purity; Omoniyi A Jaiyeola; Olawale Omotayo Idowu; Zaharadeen Yandaki Umar; Aliyu Yaro Bakari; Samuel Enan Esua; Joseph Eze; Deborah Folusho Adebayo and Lucia Chinyere Adim.

When contacted via their mobile phone, the winners expressed their gratitude to the bank as they said the winnings will go a long way in meeting their pressing needs especially in these trying times.

One of the winners, Samuel Enan Esan, who was delighted at the news that he just won N10million was full of praises. “Thank you UBA,” he stated.

Aliyu Yaro Bakari, who was extremely excited at the news, said, “Oh I am very happy, UBA is the best, you are the best, thank you very much,” he remarked when he learnt he was also one of the beneficiaries of N1million.

United Bank for Africa Plc is a leading Pan-African financial institution, offering banking services to more than twenty million customers, across 1,000 business offices and customer touch points, in 20 African countries. With presence in New York, London and Paris, UBA is connecting people and businesses across Africa through retail, commercial and corporate banking, innovative cross-border payments and remittances, trade finance and ancillary banking services.

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Banking Sector

Fidelity Bank Records a 120.1% Growth in PBT to N39.5bn in Q1 2024

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Fidelity Bank MD - Mrs Nneka Onyeali-Ikpe

In line with its upward growth trajectory, leading financial institution, Fidelity Bank Plc, has posted an impressive 120.1% growth in Profit Before Tax from N17.9bn at the end of Q1 2023 to N39.5bn for Q1 2024.

This was made known in the Bank’s unaudited financial statements released on the issuer portal of the Nigerian Exchange (NGX) on Tuesday, 30 April 2024.

According to the statement, Gross Earnings increased by 89.9% yoy to N192.1bn from N101.1bn in Q1 2023. The increase was led by a combination of interest income (90.7% yoy) and non-interest income (84.0% yoy).

Growth in interest income was primarily spurred by a higher yield environment and strong earning assets base, while the increase in non-interest income was led by double-digit growth in account maintenance charges, FX-related income, trade, banking services, and remittances, supported by increased customer transactions.

Commenting on the results, Nneka Onyeali-Ikpe, MD/CEO, Fidelity Bank Plc stated, “We are pleased to report another quarter of strong financial performance driven by our strategic focus on customer-centricity, digital innovation and operational excellence. Despite the challenging macroeconomic environment, we remained resilient and agile, delivering double-digit growth on key income lines while advancing our business sustainability agenda.”

In the period under review, the bank grew Net interest income grew by 89.5% yoy to N99.6bn from N52.6bn in Q1 2023, driven by interest and similar income as the yield on financial instruments improved to 14.7% from 10.1% in Q1 2023 (2023FY: 11.6%).

In line with the steady rise in interest rates through the year, average funding cost increased by 80bps ytd to 5.2%. However, NIM came in at 8.8% compared to 8.1% in 2023FY, as increased yield on earning assets surpassed funding cost to 15.1% from 13.3% in Q1 2023 (2023FY: 13.5%).

Similarly, Total Deposits increased by 17.2% ytd to N4.7tn from N4.0tn in 2023FY, driven by double-digit growth across all deposit types (demand, savings and term). Net Loans and Advances increased by 21.2% to N3.7tn from N3.1tn in 2023FY.

“Beginning the year on this inspiring note reaffirms our strategy of helping individuals to grow, inspiring businesses to thrive and empowering economies to prosper. We are committed to our guidance as we build a more resilient business franchise with a well-diversified earnings base in 2024,” explained Onyeali-Ikpe.

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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Banking Sector

FCMB Group’s Digital Transformation Drives 62.4% Increase in Revenue

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FCMB - Investors King

FCMB Group Plc, one of Nigeria’s leading financial institutions, has reported a surge in its digital revenue for the 2023 financial year.

According to the 2023 audited financial results filed with the Nigerian Exchange Limited, FCMB Group’s digital revenue increased by 62.4% in digital revenue to N60.3 billion from N37.1 billion in the previous year.

With a strategic focus on digitalization, the group has successfully expanded its digital offerings, resulting in a significant uptick in revenue derived from digital channels.

In its 2023 financial report, FCMB Group highlighted the strides made in digital retail lending with over 1.6 million loans totaling N100.9 billion accessed, underwritten, and disbursed through digital channels.

Similarly, digital SME lending witnessed significant traction, with over 20,500 loans totaling N177.9 billion disbursed via digital platforms.

The group’s digital wealth propositions also experienced robust growth, with assets under management reaching N15.1 billion, reflecting a substantial increase from N8.5 billion in 2022.

The surge in digital revenue was attributed to the successful execution of FCMB Group’s digital strategy, which prioritizes innovation, customer-centricity, and operational excellence.

By embracing digital payments, wealth management, and lending solutions, FCMB Group has empowered a greater number of customers while driving revenue growth and operational efficiency.

Commenting on the financial performance, FCMB Group highlighted the reduction of its cost-to-income ratio to 66.3%, excluding revaluation gain (48.9% inclusive of revaluation income).

This achievement underscores the effectiveness of the group’s digital initiatives in optimizing costs and enhancing operational efficiency.

The robust financial performance was further underscored by FCMB Group’s profit before tax, which surged to N104.4 billion in 2023, indicating a remarkable 186% year-on-year growth.

Various divisions of the group, including banking, consumer finance, investment management, and investment banking, recorded robust earnings growth, reflecting the overall strength and resilience of the group.

Furthermore, FCMB Group’s gross revenue rose by 82.5% to N516.4 billion from N283 billion, driven by a 61.7% growth in interest income and a 154.4% growth in non-interest income.

Net interest income grew by 44.8%, propelled by an increase in the yield on earning assets.

In addition to its financial achievements, FCMB Group underscored its commitment to environmental sustainability by transitioning 160 branches to solar power, with 78% of its business locations now powered by renewable energy.

The group also secured funding of up to N13 billion from local development finance institutions to support customers in accessing solar energy solutions.

Looking ahead, FCMB Group reiterated its commitment to leveraging its unique group structure to build a technology-driven ecosystem that fosters inclusive and sustainable growth.

With a focus on continued innovation and digitization, FCMB Group is poised to sustain its growth trajectory and deliver value to its customers, shareholders, and communities across Nigeria.

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Banking Sector

Ecobank’s Profit After Tax Grows to $407m in 2023

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Ecobank - Investors King

Ecobank Transnational Incorporated (ETI) has reported a $407 million profit after tax for the 2023 financial year.

This represents an 11% increase from the $367 million reported for the year 2022 and reflects the pan-African banking group’s continued growth trajectory amidst challenging economic conditions.

The financial results, filed with the Nigerian Exchange Limited on Tuesday, showcased Ecobank’s robust performance despite the headwinds posed by higher inflation, interest rates, and currency depreciation across Africa.

The group’s profit before tax also rose by 8% or 34% when adjusted for foreign currency translation effects to $581 million.

According to Ecobank, the growth in profit was primarily driven by revenue outpacing expense growth, resulting in positive operating leverage.

The group’s pre-provision, pre-tax operating profit hit $951 million in the year under review, representing a 17% increase from the previous year.

Commenting on the financial results, Jeremy Awori, CEO of Ecobank Group, acknowledged the challenges faced by households, businesses, and governments across Africa in 2023.

Despite the economic uncertainties, Awori declared Ecobank’s unwavering commitment to its customers and stakeholders.

Awori stated, “Ecobank generated a return on tangible shareholders’ equity of 24.9% despite the challenging operating environment in 2023.”

Net revenue exceeded $2.0 billion for the first time since 2015, reaching $2.1 billion, underscoring the efficacy of Ecobank’s 5-year growth, Transformation, and Returns strategy.

The CEO attributed Ecobank’s encouraging results to its customer-centric approach and initiatives aimed at revenue diversification, growth, and low-cost deposit mobilization.

The consumer and commercial banking businesses witnessed an increase in their share of group-wide revenues and profits, indicating progress in strategic objectives.

However, amidst the overall positive performance, Ecobank’s Nigerian operations faced challenges, with profit before tax declining to $27 million in 2023 from $31 million in 2022, representing a 15% decrease.

The challenging operating environment in Nigeria, characterized by high inflation and currency depreciation, impacted the performance of the Nigerian segment.

Looking ahead, Ecobank remains committed to its strategic agenda, which emphasizes technology-driven innovation, revenue diversification, and cost management.

The group’s focus on disciplined cost management aims to redirect savings into investments in marketing, sales capabilities, and technology, driving sustainable returns in the future.

As shareholders approved a N10 billion rights issue, Ecobank is well-positioned to capitalize on emerging opportunities and navigate evolving market dynamics.

With a resilient performance in 2023, Ecobank reaffirms its commitment to driving growth, delivering value to shareholders, and advancing financial inclusion across Africa.

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