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UBA Hinges Future Performance on Cost Efficiency, Improved Asset Quality

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Pan African financial institution, 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, Mr. Kennedy Uzoka, who noted this in a submission while presenting the bank’s 2018 full year results during an international investor/ analysts conference call on 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.
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%, driven largely by a strong deposit growth of 23%, as the drive for retail deposits continue to yield desired results. Leveraging on enhanced customer service, the Group grew retail deposits by 48%, 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/USD vs. 2018: N359/USD), as 37% of loans and 27% of overall balance sheet is FCY-denominated. The Group maintained its appetite for a well-diversified balance sheet, with over 60% 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 percent.
In its results for the year end December 2018, UBA gross earnings grew by 7.0 percent to N494.0 billion, compared to N461.6 billion recorded in the corresponding period of 2017. The Bank’s total assets also grew significantly by 19.7 percent to an unprecedented N4.9 trillion for the year under review
Throwing more light on the financials, he stated that gross earnings grew by 7% year-on-year, despite regulation and market conditions undermined the non-interest income line. Interest income, which contributed 73% of gross earnings, grew by 11%, driven by strong interest income on treasuries, reflecting the low-risk appetite and treasury-led strategy adopted during the year. He noted that the lower non-interest income was occasioned by market condition and regulatory impact on FX trading income, adding that growing volume on FX trading is compensating for lower margin on this business, thus reinforcing our positive growth expectation on this income line in 2019.
While speaking on the strength of the financial institution in the coming years, especially on the back of it’s African and non-African subsidiaries, Uzoka said the bank’s recent foray into key markets and economies remain a milestone that will catapult the institution in the coming years.
He said, “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 in a cost efficient approach that has helped to deepen African banking penetration.
“We have the strong financial capacity backed by high capitalization (BASEL II capital ratio well above requirement) and strong liquidity, and we have worked hard towards connecting Africa and the world through our presence in key African markets and major global financial centres such as New York, London and Paris.”

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Elated Polaris Bank Customer commends Bank for excellent customer service

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Polaris BAnk

Polaris Bank customer, Ife Michael, who recently aired her concerns on X (formerly Twitter) on a school fees transaction, has commended the Bank for resolving her Complaint swiftly as promised.

 

Ife Michael tweeting via her X handle @V_Ifemichael had called out the Bank for ‘seizing’ her funds as sent from a UK University where she had sought admission.

Polaris Bank reacted promptly to her Complaint and engaged her to explain the process and promised to resolve the issue which the Bank did swiftly.

An apparently elated Ife Michael went back to the micro blogging site to recount her experience with an update on her earlier thread of how the Bank swiftly resolved her Complainant.

The Bank, according to her update “responded and reached out to explain in details the guidelines underpinning FX transaction as it relates in particular to International payment.

In her tweet, Ife Michael expressed gratitude to Polaris Bank’s swift action and transparent communication. According to her, the Bank clarified that the situation was complex but assured her that the funds would be promptly refunded to the school. And Polaris Bank did exactly as it promised as it promptly refunded the money to Roehampton University and initiated necessary processes to streamline the refund.

The engagement began when Polaris Bank’s headquarters made the first contact at 11:48 am, and by 3:41 pm on the same day, Ife Michael confirmed that the Bank had successfully refunded the funds and

fulfilled all required procedures. The Bank also took the extra step of writing to the school to facilitate the process.

This positive outcome highlights Polaris Bank’s commitment to customer satisfaction, responsive and excellent customer service, and adherence to regulatory policies. The incident not only showcases effective conflict resolution but also underscores the power of a Bank fostering transparent communication between it and her customers.

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Cristiano Ronaldo wants to leave Manchester United

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Cristiano Ronaldo and his agent Jorge Mendes held meetings with United at Carrington on Tuesday, but his position remains unchanged and he wants to play for a club in the Champions League and win major trophies. United do not want him to go, however, and Ronaldo has started training with the team having missed the club’s pre-season tour of Thailand and Australia due to family reasons.

His potential options elsewhere are limited. Chelsea are not an option anymore, while Bayern Munich and Atletico Madrid appeared to publicly rule themselves out this week. “As we’ve seen on Instagram, Ronaldo has been keeping fit, so there are no concerns from Manchester United over his fitness or physical level; he’s one of the fittest players in world football.

“Ultimately, The Portuguese forward did state his desire to leave Old Trafford, but he’s running out of options, and it seems like he’s actually going to have to stay. Perhaps he will try and swing it where the 25 per cent pay cut in his contract will be waived away by United, perhaps he wants to manoeuvre and muscle a new deal, we’ll have to wait and see. But it doesn’t look like Stamford Bridge is on his cards.

“Chelsea have distanced themselves from a deal for Ronaldo, as have Bayern Munich, Napoli and a lot of other elite clubs that Jorge Mendes, who is Ronaldo’s agent, has tried to sell him to. “An offer from Saudi Arabia is astronomical but ultimately, it does not give Cristiano Ronaldo what he wants, which is that legacy. He wants to achieve Champions League records that he thinks no one else will be able to attain in the future.

“He wants to sign off at the absolute highest level. Now, it looks increasingly like he will have to stay at Manchester United because there are no biters from the big clubs.

“Everyone has their forwards already, and Chelsea, who are the only club looking like they could actually potentially be spun by what Cristiano Ronaldo offers off the pitch because we were told that Mendes, while being in front of these clubs, was putting forward his numbers in terms of social media influence, sponsorship that he rakes in, the commercial gain of his shirt sales and stuff like that. But even they now say he is not in their plans. Their immediate aim is to strengthen the defence.

“So, that leaves Ronaldo really with not many choices. We know that he does want to be competing at the highest level so if he does go to Saudi Arabia that cuts against everything he has said and everything we actually know about him and his career.

“Manchester United have always been very calm and very comfortable. They have insisted he is not for sale, and he will see out the last year of his contract. How they manoeuvre this now going forward we’ll see, but Ronaldo is keeping fit, so they have no issues or problems or fears over what state he’ll report back to pre-season in.”

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CONVOCATION: GRACE NATION BIBLE INSTITUTE GRADUATES 120 STUDENTS

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-you must remain a good Ambassador of Christ- Chris Okafor

No fewer than 120 certified Trained Prophetic students of Grace Nation Bible Institute graduated today after they have gone through rigorous prophetic training by the best Teachers Supervised by the anointed servant of God Dr. Chris Okafor. The student was presented with their certificates at the special convocation ceremony held at the International Headquarters of Grace Nation(GBI) in Ojodu Berger Lagos Nigeria. According to the Rector of the institute, they satisfy all requirements and conditions to be awarded a diploma certificate in various fields of Prophetic and Bibles knowledge.

In his words of Encouragement, the President of Grace Nation Bible Institute, Dr. Chris Okafor remarks that he has no doubt in his mind that all the students are well-trained judging by the level and capacity of all the resource Personality who lecture them, train and retraining them to face any challenges that come there ways,
The Apostle of altars also challenged them to be a good ambassador of the school to the outside world through soul-winning to the kingdom of God.

The Generational Prophet of God also remarked that as you have all learned, you must put the name of a school in good repute and always ready to work for the Lord at any time

Some of the course covered in the 8weeks program includes Evangelism and soul-winning, spiritual development and Human Management to mention but few

The highlight of the convocation was the Presentation of Certificates to all the students, according to the Rector all the students perform excellently well

Earlier in his sermon, the Senior Pastor Grace Nation and the Generational prophet of God Dr. Chris Okafor teach on the series, ”The Covenant Day of Settlement” said settlement comes when you fulfill all the Principles of Settlement,
the man of God said nothing come free but when you applied the principles and follow it diligently you will easily get a settlement on all side

The realm of the Prophetic witnessed another higher dimension of Prophetic movement and deliverance through the Set Man, the Generational Prophet of God Dr. Chris Okafor, He visited many family altars and set many captives free, he also delivered people with blood-line diseases while delivering miracle babies to expectant mothers

The service came to a close with a special Prayer for the Set Man, the Generational Prophet of God Dr. Chris Okafor who will be making another birthday tomorrow, 4 April 2022.

 

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