Nigeria’s commercial bank,United Bank for Africa (UBA) Plc has been crowned the “African Bank of the Year 2017” by The Banker Magazine.
This Banker Award is premier for Nigeria, as it marks the first time a Nigerian-headquartered bank will be winning the prestigious and highly coveted regional award. To further demonstrate the group’s strength and dominance in the financial sector on the continent, four of UBA Group’s operations in Africa also led contenders in their respective countries to emerge the Best Bank of the Year 2017 in their respective markets. UBA Congo, UBA Tchad, UBA Gabon and UBA Senegal emerged the Best Bank of the Year in Congo, Tchad, Gabon and Senegal, reinforcing the strong franchise of the Group across its chosen markets in Africa.
Notably, UBA Gabon and UBA Senegal won the same awards in 2016, as both subsidiaries of UBA Group remain the Banks to beat in Gabon and Senegal. Explaining the rationale behind UBA carting multiple categories in its December issue, The Banker Magazine noted that Africa’s economic landscape has been unpredictable in recent times which resulted in recession in some of Africa’s best performing economies, while the region as a whole only expanded by about 1.3 percent in 2016. “In these conditions only the most diversified and innovative of regional banks can prosper. And this is precisely why the United Bank for Africa (UBA) has scooped the 2017 regional winner award. For one, the lender registered impressive top- and bottom-line growth over the review period,” it noted.
The magazine went further to enumerate the various achievements recorded by UBA Group during the period, noting that earnings for the year reached N384 billion ($1.07 billion) signaling 22 pecent growth from its 2015 performance while profit before tax also grew, by 32 percent, to reach N91 billion. According to the organisers, “Equally impressive is UBA’s capital adequacy ratio which, at the end of 2016, stood at 20 percent, while its nonperforming loan ratio was a healthy 3.9 percent. Operating across 19 markets in Africa, the bank serves more than 14 million customers. For these reasons, and others, UBA is the winner of our 2017 African Bank of the Year award,” the magazine stated.
Group Managing Director/Chief Executive Officer, UBA Plc, Mr. Kennedy Uzoka, who was delighted by the recognition from The Bankers said, “These awards mark another milestone for UBA Group and is a testament of the diligent execution of the bank’s strategic initiatives on customer service. Being recognized as Africa’s best bank complements positive feedback from customers and is a recognition of our improving efficiencies, service quality and innovation.”
I therefore dedicate it to our growing loyal corporate and retail customers, who are our essence. Given our heritage commitment to Africa’s development, we continue to impact lives through our service as well as funding to individuals, businesses and government.”