The Ecobank Group grew its profit before tax by 13 per cent to $540 million in the 2022 financial year. This was disclosed in its audited results for the year ending December 31, 2022, which was released last week.

According to the bank, the PBT growth was supported by the benefits of its diversified business model. Within the period under review, the solid profit growth in Commercial Banking up 100 per cent to $134 million and Consumer Banking, up 50 per cent to $130 million, was partially offset by a decrease of 17 per cent to $333 million in Corporate and Investment Banking PBT, mainly due to impairment charges associated with Government of Ghana’s debt restructuring exercise.

The pan-African banking institution also reported net revenues of $1.9 billion in the period under review.

As part of its commitment to shareholders, the bank also announced a proposed final dividend payout of $28m or 0.11 US cents per share subject to shareholder approval at its next AGM.

Speaking about the result in a statement accompanying the financial results, the Chief Executive Officer of Ecobank, Jeremy Awori said that Ghana’s debt restructuring exercise placed the company in a difficult position during the financial year.

He said: “Ecobank’s strong 2022 performance reflects the strength of our diversified business model, growth momentum and efficiency, and was achieved despite operating in a challenging macroeconomic environment, which also included the difficulties that Ghana’s debt restructuring exercise placed on us.”

Oliver Alawuba

Group Managing Director/CEO

UBA Plc

Africa’s Global Bank, United Bank for Africa (UBA) Plc has released its audited financial results for the full year ended December 31, 2022, showing impressive performance across major indices.

The 2022 financials, filed by the Bank at Nigerian Exchange Limited (NGx) on Thursday, showed that gross earnings rose significantly to N853.2 billion from N660.2 billion recorded at the end of the 2021 financial year, representing a strong 29.2 percent growth.

Total assets rose remarkably by 27.2 percent, crossing the N10 trillion mark, to close at N10.9 trillion in December 2022; up from N8.5 trillion in 2021. This is a very significant achievement and milestone in the history of the powerhouse financial institution.

Despite the highly challenging global economic and business environment, UBA recorded a laudable profit before tax, with a 31.2 percent growth, to close the year under review at N200.8 billion, rising from N153.01 billion recorded at the end of the 2021 financial year; while profit after tax (PAT) grew by 43.5 percent to N170.2 billion in 2022, compared to N118.7 billion recorded the year before.

Consequently, UBA Group Shareholders’ Funds rose to N922.1billion, as at December 2022, achieving an impressive growth by 14.6%, compared to prior year.

In the year under consideration, UBA Group cost-to-income ratio dropped to 59.2%, from over 60% in prior year, pointing at the Group’s improving efficiency.

In its usual tradition of rewarding shareholders, the Bank proposed a final dividend of 90 kobo for every ordinary share of 50 kobo, for the financial year ended December 31, 2022. The final dividend which is subject to the ratification of the shareholders during its upcoming Annual General Meeting (AGM) will bring the total dividend for the year to N1.10 per share, as the Bank had paid an interim dividend of 20 kobo, based on its audited 2022 half year results.

Also worthy of note, UBA recorded a 21.4 percent growth in loans to customers, moving up to N3.4 trillion in 2022, whilst customer deposits improved by 22.9 percent to N7.8 trillion, compared to N6.4 trillion recorded in the corresponding period of 2021, reflecting increased customer confidence, enhanced customer experience, successes from the ongoing business transformation programme and the deepening of its retail banking franchise.

Commenting on the result, the Group Managing Director/CEO, Oliver Alawuba, said notwithstanding the tight and challenging operating environment, UBA continues to deliver significant performance.

He said: “The Group delivered record headline earnings (+29.2%) and profitability (+31.2%) amid significant headwinds in markets where we are present and a heightened global risk environment.  Our record earnings, growth, and robust capital levels supported higher returns for the shareholders.  The Group is on course to achieve its strategic goals, and we are confident we will deliver our targets.

“We have navigated unprecedented macroeconomic headwinds and made significant gains in our diversification strategy and Customer 1st philosophy as we build resilience in our operations across Africa and the Rest of the World to support the mission of providing superior value to our stakeholders. The Group’s Profit after Tax increased by 43.5% to N170.3 billion, with underlying growth in our key income lines and moderation in our cost of fund, resulting in robust growth of 14.6% in the Group’s Shareholders’ Funds and stronger liquidity. We continued to sharpen our risk management structure and practices to align with evolving risks”, Alawuba said.

On the outlook for the year 2023, Alawuba said: “We are strategically positioned to increase our market share in our countries of presence, with expansion to Dubai, United Arab Emirates and strong growth of our digital banking and payment businesses, which is pivotal to the evolving cashless economy in Nigeria. We strive to deliver increasingly attractive returns to our shareholders and continued positive impact in the geographies and economies in which we operate”.

UBA’s Executive Director, Finance and Risk Management, Ugo Nwaghodoh, said going by this recent performance, UBA remains on strong footing and is comfortably positioned to take on more opportunities in Nigeria, Africa and beyond.

“UBA Group’s 2022FY performance was buoyed by strong balance sheet growth and improvement in Net interest margin, as Group’s Total Assets and customer deposits grew 27.2% and 22.9% respectively, whilst NIM grew to 5.61% from 5.57%. The continuous rejigging of the Groups’ risk management approach resulted in moderation of the NPL ratio, from 3.6% to 3.1%.  The Group continued to rely on lower cost funds, further reducing its cost funds to 2.1%.”

“We are delighted with the strategic progress we have made in FY22 riding on our customers’ trust, the dedication of our people, and the support of our wider partners and stakeholders. The bank remains committed to its business development drive, prudent risk management practices, and we are optimistic to deliver best value for our stakeholders in the days ahead,” he noted.

United Bank for Africa Plc is a leading Pan-African financial institution, offering banking services to more than twenty-five million customers, across over 1,000 business offices and customer touch points, in 20 African countries and across 4 continents.

With presence in the United States of America, the United Kingdom and France and more recently the United Arab Emirates, 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.

Stanbic IBTC Bank Plc, a subsidiary of Stanbic IBTC Holdings Plc, has completed the first inbound commercial transaction on the Pan African Payment and Settlement System (PAPSS) in Nigeria, making history.

PAPSS is an initiative of the African Union and the AfCFTA Secretariat, designed to provide a secure and efficient payment platform for African businesses, promoting intra-African trade and economic integration by facilitating payments and settlements for cross-border transactions within Africa in local currencies.

The transaction worth N5 million was carried out on behalf of a key corporate client from Ghana Commercial Bank (GCB) on Friday, 3 March, 2023, marking the first inbound commercial transaction on PAPSS for Stanbic IBTC and Nigeria.

Wole Adeniyi, Chief Executive of Stanbic IBTC Bank, said: “We are delighted to have successfully processed our first inbound commercial transaction on PAPSS. This deal underscores our pledge to provide our clients with efficient and secure payment and settlement solutions that support their growth and expansion across Africa. We look forward to leveraging our expertise and the capabilities of PAPSS to enable more African businesses to tap into the opportunities presented by intra-African trade.”

Jesuseun Fatoyinbo, Head of Transaction Banking at Stanbic IBTC Bank, also expressed confidence in the PAPSS platform, saying, “this is a testament to the effectiveness of PAPSS in facilitating cross-border payments and settlement in a fast, secure, and cost-effective manner. We are proud to be at the forefront of this initiative and commend the efforts of Afreximbank and the African Union in developing the PAPSS platform and promoting intra-African trade.”

Mike Ogbalu III, Chief Executive of PAPSS, said: “We are delighted that Stanbic IBTC has completed its first inbound commercial transaction on PAPSS. This is a significant step towards achieving our goal of promoting intra-African trade and facilitating cross-border payment and settlement of transactions in African currencies. We believe that PAPSS has the potential to revolutionize the way businesses trade and settle transactions in Africa.”

Chapel Hill Denham, the transaction recipient, expressed satisfaction with the seamless and efficient processing of the PAPSS platform, noting that it has the potential to unlock immense opportunities for African businesses.

Stanbic IBTC Bank has reiterated its commitment to supporting the growth of intra-African trade and will continue to leverage its expertise and innovative solutions to provide efficient and secure payment and settlement solutions that enable clients to unlock the full potential of the African market.

Stanbic IBTC Bank, a subsidiary of Stanbic IBTC Holdings, has been recognised for its continued financial support to players in the agricultural sector in Nigeria.

Sayed Farms Limited, producer and distributor of Day-old-Chicks and frozen poultry products across the country has praised Stanbic IBTC Bank for supporting agribusinesses with tailor-made and innovative financing solutions that spur them towards achieving their business objectives.

The Stanbic IBTC Agribusiness financing solutions are structured to support production, processing, and logistics requirements across agricultural value chains.

Babatunde Akindele, Head of Commercial Clients Coverage Stanbic IBTC Bank reiterated the determination of the Bank to continue to support the growth and development of the Nigerian agricultural sector.

Babatunde said: “Agriculture is pivotal to national growth, and its value chain house the goldmine for consumption and exportation. We will continue to ensure expansion in the sector through valuable partnerships such as we currently have with Sayed Farms.”

Haissam Nawan, Director, Sayed Farms Limited, testified to how Stanbic IBTC Bank has aided the achievement of his business vision, which is to be one of the biggest poultry producers in the country and engage in beneficial partnerships with small and medium farmers in Nigeria.

Haissam said: “We have witnessed massive expansions, starting from dealing with broiler production only to diving into other aspects of poultry production, including the sale of frozen meat. Stanbic IBTC played a pivotal role in this growth.

“What sets Stanbic IBTC Bank apart is how they handhold you through the growth process with proper guidance and financial structure. Indeed, they are your trusted strategic partner for growth,” Haissam said.

Stanbic IBTC Bank offers credit facilities for agribusinesses that minimize risks, are versatile, and can be used for finance raw materials, vehicles and other logistic needs, and all forms of equipment.

Wole Oshin, Head, of Agribusiness Stanbic IBTC Bank, said agribusinesses are critical for sustainable development and job creation in the country. Accelerating an inclusive agricultural sector will enhance a vibrant economy with extensive enterprise development.

“We are passionate about providing short-medium term financing solutions to solve the needs of crop and livestock producers, processors, their distribution chain, and other value chain players,” Wole said.

Wole concluded that Stanbic IBTC recognises the importance of agriculture to the Nigerian economy, and the organisation is intentionally developing initiatives and fostering partnerships that support players in the sector.

Pix: Students at a Financial Literacy Programme organised by Wema Bank Plc to mark the 2023 Global Financial Literacy Day

Wema Bank Plc is championing financial literacy for the next generation by participating in the Global Money Week to commemorate the Financial Literacy Day on March 23, 2023.

In alignment with the theme “Plan your Money, plant your Future”, Wema Bank organised financial literacy sessions for secondary school students across all states where the Bank is represented. This is to instill an early understanding of the significance of building a solid financial foundation and achieving financial stability and success from a young age.

The Deputy Managing Director of Wema Bank, Mr. Wole Akinleye, led the Financial Literacy Session at Yola Model School, Adamawa State. The students were trained on personal finance topics such as budgeting, emergency funds, saving for goal actualisation, investment, donating for positive societal impact amongst others. He further encouraged the students on the importance of developing financial literacy as a life skill.

Speaking on the significance of Financial Literacy Week, Mr. Akinleye emphasised Wema Bank’s commitment to empowering young minds with the skills and knowledge necessary to make informed financial decisions.

In his words: “Our hope is that through these initiatives, we can empower more individuals to take control of their finances and achieve financial stability.”

Financial literacy is vital for the achievement of financial stability, and it is essential to ensure that everyone has the necessary tools to manage their finances effectively and achieve their financial goals. Wema Bank Plc is committed to providing educational resources and opportunities for children through the Royal Kiddies Account and a range of other savings products, supporting financial empowerment for the next generation.

A cross section of students and officials of Ecobank Nigeria and Junior Achievement Nigeria (JAN) during the financial literacy training session at the Comprehensive School Management and Technology, New Layout, Abakaliki, Ebonyi State last week.

Ecobank Nigeria last week embarked on financial education for Secondary School students across the country on personal financial management including savings, budgeting, and investment being part of activities to commemorate the Global Money Week (GMW).

Tutoring the students of Comprehensive School Management and Technology, New Layout, Abakaliki, Ebonyi state, Managing Director, Ecobank Nigeria, Bolaji Lawal reiterated that “saving is the act of putting money aside for future use. There are different ways to save, like putting your money in a savings box, through savings groups, but the recommended way is in a bank account. You can save for short-term goals such as buying clothes, buying books or long-term goals such as going to university, buying a car, etc”, he stated

Lawal further advised the students on the investment avenues such as stocks, bonds, and real estate, stating that choice of investment should align with their financial plan. The interactive session saw the students asking questions which were promptly responded to.

The Ecobank Nigeria Managing Director, who was represented by the Branch Manager, Abakaliki, Mr. Chris Igili explained to the students and staff of the school how to earn and make money, the various investment channels and the need to donate for positive social impact amongst others. He emphasised that sound financial planning guarantees a fulfilling future.

The 11th edition of GMW with the theme, “Plan your Money, plant your Future,” which took place between 20-26 March, saw other Senior Management staff of Ecobank Nigeria tutoring and mentoring students across several schools in major cities across the country, including Lagos, Ibadan, Abuja and Yenagoa.

Global Money Week is an annual global celebration initiated by Child & Youth Finance International (CYFI), with local and regional events and activities aimed at inspiring children and youths to learn about money, saving, creating livelihoods, gaining employment and becoming entrepreneurs.

It is also aimed at empowering the next generation to be confident, responsible and skilled economic citizens.

Unity Bank team in a group photo with the students of Kabayi Secondary School, Mararaba, Nasarawa after the financial literacy training session on Thursday, March 23, 2023.

Unity Bank Plc has facilitated financial literacy training in thirty-one schools across Nigeria as part of the lender’s activities marking Global Money Week, 2023.

The Managing Director/Chief Executive Officer of Unity Bank Plc, Mrs. Tomi Somefun took part in the programme by facilitating training on financial literacy at Kabayi Secondary School, Mararaba, Nasarawa State on Thursday, March 23.

Represented by the Group Head, Customer Engagement, Unity Bank Plc, Mrs. Titilayo Abraham, the participants gained useful insights on wealth creation which have money, saving, investing, and entrepreneurship remain the common denominator

Stressing the need to enhance financial education and financial inclusion, Mrs. Somefun’s interaction with the students was aimed at inculcating basic principles for financial management. Students who stood out in the course of the Training were rewarded.

Global Money Week is a Child and Youth Financial International initiative observed annually in over 178 countries between March 22 and 28 by corporate organisations globally.

Financial institutions leverage Global Money Week with several events and activities to inspire children and youth to learn about money, saving, creating livelihoods, gaining employment, and becoming an entrepreneur.

In Nigeria, the Central Bank of Nigeria, CBN, Banker’s Committee in collaboration with Junior Achievement Nigeria, coordinates the activities for Global Money Week, which sees the participation of financial institutions with nationwide coverage.