2009 Annual Report and Financial Statements
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United Bank for Africa Plc RC: 2457 Annual Report 2009 Africa’s global bank 2005 – 2010: 5 Years of Achievement 1 ■ The historic merger of the then STB and UBA in 2005; the 5th and 3rd largest Banks in Nigeria Merger of – The fi rst of its kind in Nigeria. STB& UBA ■ Key elements of the integration of the two culturally diff erent institutions were achieved in record time. Vision and Mission statements were developed that would direct our employees and keep us all focused on 2 our aspirations. Core Values were also articulated and communicated to ensure values were shared across the Our Vision, organisation. Mission and Core Values ■ Vision – To be the undisputed leading and dominant fi nancial service provider in Africa ■ Mission Statement – To be a role model for African businesses by creating superior value for all our stakeholders; abiding by the utmost professional and ethical standards and by building an enduring institution ■ Core Values – H – Humility; E – Empathy; I – Integrity; R – Resillence 3-Tier strategic intent: 3 UBA’s 3-Tier Strategic ■ To be the dominant and clear leader in the Intent – ‘Africa’s fi nancial services industry in Nigeria global bank’ ■ To be a leading African Bank with presence in most African countries ■ To establish a Global presence with a footprint in key fi nancial centres in the world UBA Africa’s Contribution to the Group 10.60% ■ 700 branches in Nigeria – the largest branch network in the country 10.40% ■ Operating presence in 16 African countries ■ 10.20% Branch in New York, a subsidiary in the UK and a representative offi ce in France 10.00% ■ All locations outside Nigeria with exception of New York and Ghana 9.80% branches which were established within the last four years 9.60% ■ Twenty (20) African countries by 2010 and will soon extend our global presence to China and Dubai 9.40% Deposits Loans Revenue ■ Invested in brand building activities across our geographies as part of our global brand visibility drive 4 ■ Moved up 166 places from 451 to 285 positions in the Top 500 global banking brands as ranked by the Brand Banker Magazine Enhancement ■ Awarded an “A” rating in the annual ranking of banks worldwide, with a brand value estimated at & Visibility US$322 million ■ Second fastest growing fi nancial services brand in the world and the fi rst outside of the United States of America ■ Named by The Boston Consulting Group among one of 40 African Challengers e-Payment ■ Dominant market share across all e-payment channels, including ATMs, Internet and mobile banking 5 ■ Largest ATM network Leadership & ■ Leader in Nigeria on cards Africa . ■ Launched Africash and Afritrade products to provide integrated platforms to facilitate remittances and United by One Bank trade across Africa ■ Africard will soon be launched to enable UBA cardholders transact across our African network Gross Earnings Profit Before Tax and Exceptional Items Equity Base (N’Billion) (N’Billion) (N’Billion) 246.73 250 15 200 186.83 13.66 200 12 150 150 9 6.52 100 100 6 50 50 3 26.09 19.44 0 0 0 2005 2009 2005 2009 2005 2009 ■ Established a performance management system built on meritocracy 6 ■ Attracted the best of local and foreign talent. Africans in Diaspora have returned to Africa through Leadership UBA Training & ■ Established an in house training institution, the UBA Academy to train all cadres of staff in banking Development and leadership programmes ■ UBA Academy launched the GMD Inspirational Lecture Series (GILS) in 2009, a quarterly interactive learning platform targeted at the Group’s senior executives ■ Notable past guest speakers of GILS include Dr Christopher Kolade, Dr Ngozi Okonjo-Iweala, and most recently Gen. Martin Lurther Agwai (Rtd.) Amongst others 7 Established a Customer Service Directorate focused on three pillars: Customer ■ Training our customers and staff Service ■ Customer Interaction and Complaint Management Service Quality Assurance ■ Customer Service Training ■ Trained over 11 000 staff on our H.E.I.R. core values ■ Over 2 000 marketing staff on product-specifi c knowledge ■ Over 9 000 staff on the Customer Service Excellence Programme ■ Instituted various Customer Service initiatives such as the Customer Service Day is held on the last Friday of the month to better manage and serve our customers ■ To transform our branches from a reactive operations centre focusing on transactions to a proactive 8 sales and service centre focusing on customer relationship and sales Group ■ The GSS platform now covers all our operations in Nigeria and we are extending this to all Shared subsidiaries in Africa and non bank subsidiaries Services (GSS) ■ Implementation of the GSS has resulted in 40% reduction in direct operations costs across the bank and process improvements 9 ■ We have increased focus on managing cost, driving effi ciency and embedding cost reduction Cost consciousness in our employees Management ■ Project 20 was launched to research our existing business models, apply rigorous thinking and best practices for sustainable profi tability Growth in most fi nancial indices 10 Unit/Currency 2005 2009 Financial Performance Gross earnings N’Billion 26.09 246.73 Profi t before tax and exceptional items N’Billion 6.52 13.66 Equity base N’Billion 19.44 186.83 Deposits N’Billion 205.00 1 250.00 Total assets N’Billion 250.80 1 550.00 Balance sheet size N’Billion 332.60 2 240.00 Share price Naira 10.00 14.85 Deposits Total Assets Balance Sheet Size Share Price (N’Billion) (N’Billion) (N’Billion) (N) 14,85 1500 2000 2500 15 2,240 1,250 1200 1,550 2000 12 1500 10 900 1500 9 1000 600 1000 6 500 300 205 251 500 333 3 0 0 0 0 2005 2009 2005 2009 2005 2009 2005 2009 Products & channels launched United Bank for Africa plc Cards ■ Global prepaid mastercard E-Banking ■ Paymanager ■ E-Dividend ■ Visa Dual Currency Debit Card ■ EMS ■ SMS/E-mail Alerts ■ UBA Debit Card ■ U-Direct ■ Cash and Cheque ■ UBA Gunners Card ■ U-Mobile deposit ATM ■ Eduportal ■ Bank Collect ■ Schools Online ■ U-Pay Remittances ■ CashFast ■ AfriCash Consumer ■ UBA Mortgages ■ Executive Loans ■ Moneygram Credit ■ No Wahala Loans ■ Overdraft Max ■ Western Union ■ Asset Finance ■ Auto Finance Retail Liabilities ■ Patriot Savings Account ■ UBA Gold Savings Account Social Media ■ Facebook ■ Employee Savings Account ■ UBA Gold Plus Savings Account Presence ■ Youtube ■ Professional Account ■ U-Care Savings Account ■ Twitter ■ Regular Current Account ■ Corpers Savings Account ■ Lion Prime Account ■ UBA General Savings Account ■ Freedom Savings Account ■ VISA Global scorecard 5-year Officer’s Chief Executive Alliances ■ Arsenal ■ UBS ■ IATA ■ Moneygram ■ Metlife ■ Shelter-Afrique Deals done ■ MasterCard ■ Emirates Shell Petroleum Development ■ Western Union Company US$150m Global Facility Agent UBA Rights Issue/Off er NGN 53bn Joint Lead Arranger Eleme Petrochemical Company US$130m Co-Lender Nigerian Content Support Fund FCMB US$350m (UBA: US$50m) NGN65bn Financial Advisor/Lead Arrange Joint Issuing House TINAPA Calabar Federal Mortgage NGN10bn Bank of Nig. NGN 100bn IATA/BSP Lead Arranger/Underwriter Lead Arranger/Co-underwriter BSP Clearing Bank Oceanic Bank International Plc Chams NNPC/Mobil NGL2 NGN 2bn NGN 5bn US$220m (UBA: US$50m) Lead Arranger Lead Issuing House Facility Agent Kebbi State Government Bond Dangote Flour MTN Communications NGN3.5bn NGN 18.7bn NGN 8.5bn Lead Arranger/Underwriter Joint Issuing House Top Up (VTU) Project Energy Company NNPC/MPN Satellite Oil Field Nigeria Limited Dunlop Nigeria Dangote S.A. Rands Sephake African Development Bank Accugas Limited US$600m (UBA: US$12.5m) US$140m NGN 9.5bn US$45m US $150million US$70m (UBA: US$35m) Co-Lender Mandate Lead Arranger Lead Arranger/Co-underwriter Dollar Term Loan Trade Finance Co-lender Oceanic Bank NNPC/Mobil Natural Gas liquid International Plc Virgin Nigeria Dangote ICT Connect NNPC/MPN NGL2 US1.275bn (UBA: US$25m) NGN55.4bn US$100m US$1.8bn NGN 4.5m US$265m Facility Agent Joint Issuing Arranger Sole Lead Arranger/Structurer Syndicate Load APG Facility Lead Underwriter/Facility Agent Notore Chemical Industries Elf Petroleum Transcorp US$222m Strategic Alliance with Arsenal Imo State Government Virgin Nigeria Airways US$40m NGN 60bn Financial Adviser/Lead Arranger/ Football Club NGN 18.5 bn US$800,000 Project Financing Joint Lead Arranger Trustee Lead Arranger AFRIEMEX Loan 2005 2006 2007 2008 2009 2010 Annual Report 2009 1 Group at a glance Countries of operation 2 Annual Report 2009 United Bank for Africa plc Vision Who we are UBA Plc is the leading fi nancial services group in West Africa with To be the undisputed presence in 16 African countries as well as United Kingdom, United States of America and France. leading and dominant Beyond traditional banking services, the Bank provides innovative fi nancial services through its network of subsidiaries, providing fi nancial services institution investment banking, wealth management, trusteeship, life insurance, pension custody, stock-broking and investor registrarship services. in Africa UBA Plc. is quoted on the Nigerian Stock Exchange. Group at a glance Mission What we do PRODUCTS To be a role model for UBA is a full service fi nancial institution off ering a complete range of over 200 banking, bancassurance and wealth management products African businesses by and services. creating superior value for MARKET UBA has over 7.2 million customers in personal, commercial and all our stakeholders, abiding corporate market segments. The bank’s operations is spread across 19 countries, consisting of Nigeria, 15 other African countries, United by the utmost professional States of America, United Kingdom and France. CHANNELS and ethical standards, and UBA has the largest distribution network in Nigeria. As at 31 December 2009, there were 711 branches and retail outlets, 1 635 ATMs and by building an enduring 1 230 POS machines fully deployed.