2012 Annual Report & Financial Statements - UBA Plc

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Chief Executive Officer’s Report continued…
In addition, the Bank aimed to improve executive oversight for its businesses. The number of Executive Directors supervising businesses was
therefore increased from three (3) to five (5), enabling improved market penetration across our businesses during the year.
The impact of these initiatives, with the unmatched passion and dedication of its workforce, propelled us to deliver the performance we are
reporting today.
Key transactions
As earlier mentioned, one of the key thrusts of our Bank in 2011 was partnership with the private and public sectors in the transformation
of critical sectors of the economy across Africa. To this end, the Bank during the course of the year participated in key landmark transactions
including the following:
– appointment as lead financier in the US$100 million Government of Ghana syndicated bond, of which UBA Ghana financed US$50 million;
– joint participant in the syndicated US$58 million finance line to IHS Limited, Cameroun, a member of Africa’s largest independent mobile
infrastructure provider;
– corporate bond guarantee to China Civil Engineering Construction Limited (CCECC), to the tune of about US$40 million in Tanzania;
– financier of the US$40 million structured commodity finance line to Olam International Limited, Uganda;
– sole financier of the US$25 million term loan to the Government of Tanzania;
– bid sponsor for the Transcorp Consortium, preferred bidder for the Ughelli Power plant in line with the ongoing Federal Government of
Nigeria power sector reform;
– financial adviser/lead arranger to North South Power Limited, which emerged as the preferred bidder in the $111milion Shiroro power
project in Nigeria;
– partnership with European Investment Bank (EIB), Europe’s long-term lending institution on the Euro 50 million regional funding initiative to
strengthen small and medium businesses across 16 countries in Africa; and
– partnership with Standard Chartered Bank on the $100 million medium-term facility for onward lending to finance risk assets in Nigeria.
Major awards
In 2012, our Bank was severally recognised for its leadership role in the financial services industry, both locally and internationally. Specifically,
the Bank received the following major awards, among others:
– the ‘Best Bank of the Year 2012 for Africa’, courtesy the Financial Times Bankers Magazine;
– the ‘Best Bank of the Year 2012 in Cameroun’ for the second year running, courtesy the Financial Times Bankers Magazine;
– the ‘Best Bank of the Year 2012 in Senegal’, courtesy the Financial Times Bankers Magazine;
– the ‘Best bank in Short-term Financing in Ghana’, courtesy the Bank of Ghana; and
– Forbes Africa Top 25 companies, courtesy Forbes Africa.
Overview of 2012 financial performance
In the financial year ended 2012, the UBA Group delivered a strong set of results across key financial metrics. The income statement reflected our
ability to diversify our earnings base, manage costs and deliver value to shareholders, while our statement of financial position demonstrated
our capacity to handle big ticket transactions and alter our asset mix to stay competitive.
Review of income and profits
Our gross earnings growth was strong in 2012, riding on the back of contributions from operations outside Nigeria and higher business volumes.
The rest of Africa contributed 19% to total revenues this year compared to 22% in the previous year. Of the N41.5 billion revenue generated by
our bank subsidiaries, 45% were from non-interest sources, attesting to the successes recorded by the ancillary products and services we have
developed to channel global funds and trade to Africa and allow them flow seamlessly within the continent, especially in the 19 countries we
have operations.
Annual Report 2012