***Total Assets up by 37.2% to N28.3 trillion**

***Customer Deposits hits N23.2 trillion, climbs 34%, Makes Profit Before Tax of N401.6bn**

Africa’s Global Bank, United Bank for Africa (UBA) Plc has released its audited financial results for the half year ended June 30, 2024, showing impressive performance across some key financial indicators. The audited financials released to the Nigerian Exchange Limited (NGX) on Monday, showed that the bank recorded double-digit growth in its gross earnings and operating incomes.

UBA’s GMD/CEO Mr Oliver

At the end of the first two quarters of the year, and despite the tough global macroeconomic climate in Nigeria as well as the geo-political environment challenges across major countries in Africa where the bank has subsidiaries, UBA recorded a 39.6 per cent increase in its gross earnings, which rose from N981.77 billion in 2023 to N1.371 trillion in June 2024.

Interest income also increased by 134.3 per cent to N1.003 trillion up from N428.2 billion recorded in June last year, while total assets went up by 37.2 per cent from N20.6 trillion in December 2023 to close at N28.3 trillion. Customer deposits, also leapt by 33.7 per cent in the same period to close at N23.2 trillion up from N17.3 trillion recorded at the end of 2023.

The results filed showed that profit before tax(PBT) which stood at N403 billion in June 2023, closed the half year at N402 billion, while profit after tax(PAT)dropped slightly from N378 billion to N316 billion in the year under consideration. However, the banks’ shareholders funds increased by 47 per cent from N2.03 trillion in December 2023, to N2.99 trillion.

In line with the bank’s culture of paying both interim and final cash dividend, the Board of Directors of UBA Plc has declared an interim dividend of N2.00 per share for every ordinary share of N0.50 each held by its shareholders, representing 300% increase compared to the N0.50 declared in the similar period of 2023.

UBA’s Group Managing Director/Chief Executive Officer, Mr. Oliver Alawuba, while commenting on the results underscored the bank’s commitment to consistently deliver value to its shareholders. He said, “UBA Group has continued to deliver strong double-digit growth in high quality and sustainable banking revenue streams, driven by a focused growth in balance sheet, transaction and digital banking businesses across geographies in line with our strategic goals.”

Continuing, the GMD said, “The Group’s performance has been buoyed by consistent strong growth in all core and sustainable banking income lines. Our intermediation business showed strong growth with net interest income expanding by 143% YoY to N675billion”.

On the plans for the rest of the year, Alawuba said, “As the Group intensifies its customer acquisition drive, we are making significant investments in technology, data analytics, product research and innovation to enhance our value proposition and customer experience.”

The Executive Director Finance & Risk, Ugo Nwaghodoh, expressed delight at the milestone achieved by the bank in driving operational efficiency, as reflected in cost-to-income ratio normalizing around the 50% range.

“Our cost optimization provides scope for further moderation, as we explore options towards a drastic reduction of our foreign currency denominated cost components, robotizing and automation of processes and application of artificial intelligence to our operations,” he stated.

He disclosed that the Group will focus on effectively managing the heightened credit, operational, cyber and information security risks, as it continues to conduct its business within the tenets of our moderate risk appetite in alignment with our sustainability goals.

“The Group has made significant progress and is on course to shore up its share capital to support its medium to long term aspirations, whilst aligning with the recent regulatory requirement in Nigeria and other jurisdictions. that we operate in,” Nwaghodoh further explained.

United Bank for Africa Plc is a leading Pan-African financial institution, offering banking services to more than thirty-five million customers, across 1,000 business offices and customer touch points in 20 African countries. With presence in New York, London, Paris and Dubai, 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.

At the recent United Nations General Assembly (UNGA79) in New York, Dr. Tony Onyemachi Elumelu, a renowned banker, philanthropist, and founder of the Tony Elumelu Foundation (TEF), championed the urgent need for global leaders to support youth inclusion and empowerment in Africa. His mission is to ensure that emerging entrepreneurs receive the mentorship and seed funding necessary to drive sustainable growth on the continent.

Elumelu’s work through the TEF has significantly impacted African entrepreneurship. Over the years, the foundation has provided mentorship and financial support to numerous entrepreneurs, emphasizing the importance of establishing a robust wealth creation process for future generations.

Reflecting on his own journey from humble beginnings, he remarked, “The rigorous process that led to my breakthrough as an entrepreneur is not what I want the coming generation to face.” This personal experience fuels his commitment to easing the path for young entrepreneurs through mentorship and initial capital, offering $5,000 to help them launch their ventures.

To date, the foundation has disbursed an impressive $100 million to entrepreneurs across Africa, enabling them to thrive in their respective industries.

During his address at UNGA79, Elumelu urged world leaders to recognize the immense potential of African youth. He stressed the necessity for systemic changes that empower this demographic to develop disruptive ideas and solutions to pressing challenges. “We must place priority on human capital development, entrepreneurial skill survival, funding, and mentorship to tackle unemployment in Africa,” he stated. His remarks resonated during a joint discussion at the World Food Programme, led by Cindy McCain, where he emphasized the need for comprehensive solutions to combat unemployment and the hunger crisis.

Elumelu pointed out that more than 783 million people are grappling with acute hunger, largely due to an underutilized agricultural sector. “If we properly address these issues, agriculture and livestock farming can play a pivotal role in job creation,” he explained. He highlighted how many young people are turning to greenhouse farming, which is revolutionizing agriculture on the continent. Elumelu urged increased collaboration and funding for agricultural initiatives, asserting that such efforts could create wealth and enhance the agricultural supply chain.

In his discussions with Margrethe Vestager, Executive Vice President of the European Commission, Elumelu reinforced the importance of international partnerships. The European Union’s ongoing collaboration with TEF aims to empower 2,500 young women entrepreneurs in Africa, with plans to support an additional 1,800 by year’s end. Elumelu noted that some beneficiaries have received up to €50,000 through the Women Entrepreneur for Africa (WE4A) program, emphasizing the initiative’s role in transforming women into nation-builders and wealth creators.

Continuing his advocacy, Elumelu engaged with leaders such as H.E. Andrew Holness, Prime Minister of Jamaica, and H.E. Brice Oligui Nguema, President of Gabon, urging them to formulate favorable policies for youth entrepreneurship. He also met with H.E. William Ruto, President of Kenya, to discuss strategies for enhancing employment opportunities through entrepreneurship.

Elumelu reaffirmed his dedication to empowering Africa’s next generation of entrepreneurs, highlighting the potential of a well-supported youth demographic to drive economic transformation. “When our youth are empowered, we can expect a reduction in crime, increased opportunities, and healthy competition with their Western counterparts,” he asserted. His vision is clear: to transition Africa from a continent of dependency to one of self-reliance, driven by innovative, forward-thinking youth.

As the UNGA79 concluded, Elumelu’s unwavering commitment to advocating for African youth set a hopeful tone for the future, reinforcing the need for global support and partnerships to nurture the continent’s entrepreneurial spirit amidst ongoing challenges.

Oladapo Sofowora writes from New York

Wema Bank, Nigeria’s most innovative bank and pioneer of Africa’s first fully digital bank, ALAT, has been officially certified as a Great Place To Work for the year 2024-2025, marking the Bank’s second consecutive year receiving the Great Place To Work (GPTW) certification.

Great Place To Work is recognised worldwide as the global authority on workplace culture. With a comprehensive assessment of organisational culture, practices and employee feedback, the Great Place To Work certification serves as an unequivocal endorsement of an organisation’s positive work culture and commitment to employee well-being—as is the case with Wema Bank’s two-time Great Place To Work certification.

Wema Bank’s remarkable track record reflects an unwavering commitment to employee well-being and positive work culture. The Bank currently offers one of the longest standard leave days in the industry, provides employees with a Cost-Of-Living Adjustment (COLA) to cushion the impact of economic fluctuations, provides employees with a standard crèche for their infants and a fully equipped gym for fitness enthusiasts, and within the year, also increased salaries for Non Full-Time Equivalent (NFTE) employees. From work-life balance to prioritising mental health for employees, promoting physiological wellness and enhancing professional expertise towards career success, upward reviews of allowances and a host of other unique benefits Wema Bank continues to curate for its employees; the Bank is evidently deserving of its successive Great Place To Work certifications.

Moruf Oseni, the MD/CEO of Wema Bank, attributed the two-time certification to the Bank’s deep-rooted commitment to employee wellbeing. “At Wema Bank, we understand that our exceptional output as a Bank is a result of the dedicated input of our employees, the Wema Bank Knights, and we acknowledge the indispensable role they continue to play in our growth and success as a Bank. This is why we continue to pull all the stops in providing an enriching, productive, supportive and fulfilling work experience for our employees. This is a commitment that we will never compromise on”.

“We are honoured by the recognition accorded to us by Great Place To Work. This certification not only attests to our dedication to fostering a culture of excellence and empowering our employees with the best quality of work experience towards their personal and professional success, but also drives us to keep up the good work and exceed even more goals and expectations in enhancing employee experience. We take this as a challenge to go above and beyond in providing a fulfilling work experience for every Wema Bank employee and we trust that the strength of our internal framework will continue to reflect positively externally as we fulfil our lifelong goal of providing optimum value for every stakeholder of Wema Bank”, Oseni concluded.

Wema Bank earned its first Great Place To Work certificate in 2023, additionally bagging four awards at the Great Place To Work Awards 2023, which are: 2nd Best Place to Work in Nigeria (Large Corporate Organisation Category), Best in Promoting the Culture of Innovation by All, Best in Promoting Learning and Development Practices and The Victor Ligbago Award for Best Workplace for Millennials.