2009 Annual Report and Financial Statements - UBA Plc

More documents

Recommendations

Info

I am elated in the way UBA has navigated through one of the most serious global fi nancial crises of recent decades. Equally, I feel extremely confi dent about the future, our business prospects in Africa and the ability of African institutions such as UBA to drive economic development across the continent. At the beginning of the last fi nancial year, we set out our corporate objectives, which were aimed at further consolidating the considerable progress we made in 2008 towards achieving our vision of being ‘Africa’s Global Bank’. I am pleased to report that we achieved signifi cant milestones on each goal, which when combined, sets the stage for what I believe will be the platform for growth and profi tability in 2010 and the years to come. 1. FOCUS ON THE FUTURE Looking forward, our focus this year will be on the following key aspects of our business: a. Delivering Exceptional Customer Service As customer service mastery remains the primary diff erentiator between successful and unsuccessful service organisations, UBA is extremely focused on ensuring that we build this competence into every facet of our business. To this end, we commissioned our Service Excellence Programme in May 2009, aimed at ensuring that UBA ranks amongst the most customer-focused service providers in Africa, by the end of 2010. The programme is anchored on six customer-centric touch points including: • Process Excellence • Branch Transformation • Training/Culture Change • IT Optimisation • Service Management • Pricing & Product Management GMD/CEO, Tony Elumelu attending to a customer of the bank at a teller point in one of the branches As part of the programme, a Service Excellence Day (SED) initiative was launched to change our staff ’s attitude towards internal and external customers. SED is observed on the last Friday of every month Group-wide, and involves putting our leadership team at the front-line, directly serving our customers. It also provides management with the opportunity to recognise and reward staff who demonstrate exceptional customer service attitudes. We commissioned our Service Excellence Programme in May 2009, aimed at ensuring that UBA ranks amongst the most customer-focused service providers in Africa, by the end of 2010 Annual Report 2009 17 Chief Executive Officer’s report
Group Managing Director/Chief Executive Offi cer’s statement (continued) 18 Nigeria is currently the second largest economy in Sub-Saharan Africa Consequently, we have strengthened our business capabilities and executive oversight in both UBA Nigeria North and South, to ensure we provide unmatched banking services to our everteeming customer base We commenced operations in seven new African countries bringing the total number of African countries we operate in to 16 The Group balance sheet as at December 31, 2009 refl ects strength upheld by solid capital and liquidity positions Annual Report 2009 Our focus on internal and external customer service reaffi rms our commitment to our customers and colleagues, thus further positioning us to compete eff ectively in the increasingly sophisticated markets. b. Maintaining Leadership in Nigeria Nigeria is currently the second largest economy in Sub-Saharan Africa – and is projected to be the largest in less than a decade. Apart from being our headquarter location, Nigeria’s inherent growth potential makes it a crucial market for us and with our deep local knowledge, we have the ability to bring real scale advantages to the delivery of our products and services. Consequently, we have strengthened our business capabilities and executive oversight in both UBA Nigeria North and South, to ensure we provide unmatched banking services to our ever-teeming customer base. We also refocused our attention on our corporate and institutional customers to deliver tailored cash management and trade solutions to meet their cash fl ow needs. In 2009, we introduced the CEOs Business Breakfast sessions as an interactive platform to engage this customer segment. The Bank co- hosted one such session with the British High Commissioner and the UK Trade and Investment department, and others with the South African High Commissioner and the South African business community, the Aviation Industry and Oil & Gas Industry. We shall build on this in 2010. c. Expanding our African and Global Reach In 2009, UBA made further signifi cant progress in accomplishing its goal of extending operations across the African continent. We commenced operations in seven new African countries bringing the total number of African countries we operate in to 16, Nigeria Inclusive – Francophone West Africa – Burkina Faso, Cote d’Ivoire, Guinea Conakry, Republic of Benin and Senegal; Anglophone West Africa – Ghana, Liberia and Sierra Leone; Central Africa – Cameroun, Tchad (Chad) and Gabon; East Africa – Kenya, Tanzania and Uganda, Southern Africa – Zambia. Notably, we moved signifi cantly into Eastern and Southern Africa; and are recording achievements that show that we can compete effi ciently and win market share in new, often complex markets. We have established a representative offi ce in Paris, in addition to an affi liate presence in the United Kingdom and a branch in the United States. UBA is also in the process of establishing its presence in China and United Arab Emirates to facilitate trade in these key corridors for Africa. In 2010, with our growing global reach, we will support our customers’ international businesses and participate more actively in the global fi nancial arena. The global economic downturn and fi nancial crisis has changed the landscape signifi cantly, off ering considerable advantages to banks like ours. A number of the large banking mandates we won last year were achieved in spite of stiff competition from global peers. Our ability to expand in this way augurs well for the growth of our corporate business. 2. 2009 FINANCIAL PERFORMANCE a. Balance Sheet Despite the challenging operating environment and the introduction of a common year-end for all banks operating in Nigeria, the Group balance sheet as at December 31, 2009 refl ects strength upheld by solid capital and liquidity positions. i. Assets The Group’s total assets dropped slightly to N1.55 trillion (2008: N1.67 trillion), as we made additional provisions for diminution off set against the asset value. There was a 44% growth in gross loans and advances to customers from N445 billion to N643 billion, demonstrating
Page 1 and 2: United Bank for Africa Plc RC: 2457
Page 3 and 4: Deposits (N’Billion) 1500 1200 90
Page 5 and 6: Group at a glance Countries of oper
Page 7 and 8: Board of directors 4 Annual Report
Page 9 and 10: Board of directors (continued) 6 An
Page 11 and 12: Board of directors (continued) 8 An
Page 13 and 14: Senior management 10 Annual Report
Page 15 and 16: Chairman’s statement CHIEF FERDIN
Page 17 and 18: Chairman’s statement (continued)
Page 19: Group Managing Director/Chief Execu
Page 23 and 24: Group Managing Director/Chief Execu
Page 25 and 26: Review of Group’s fi nancial perf
Page 27 and 28: Review of Group’s fi nancial perf
Page 29 and 30: Our products and services Selected
Page 31 and 32: Corporate social responsibility rep
Page 37 and 38: Directors’ report for the period
Page 39 and 40: Directors’ report (continued) •
Page 41 and 42: Directors’ report (continued) AUD
Page 43 and 44: Corporate governance report (contin
Page 45 and 46: Report of the Audit Committee To Me
Page 47 and 48: Report of the independent auditors
Page 49 and 50: Accounting policies for the period
Page 55 and 56: Consolidated profi t and loss accou
Page 57 and 58: Consolidated cash fl ow statement f
Page 59 and 60: Notes to the consolidated fi nancia
Page 71 and 72:
Notes to the consolidated fi nancia
Page 73 and 74:
Page 75 and 76:
Page 77 and 78:
Page 79 and 80:
Page 81 and 82:
Page 83 and 84:
Page 85 and 86:
Page 87 and 88:
Group fi ve-year fi nancial summary
Page 89 and 90:
Risk management report ENTERPRISE-W
Page 91 and 92:
Risk management report (continued)
Page 93 and 94:
Page 95 and 96:
Page 97 and 98:
Page 99 and 100:
Page 101 and 102:
Page 103 and 104:
Page 105 and 106:
Page 107 and 108:
Page 109 and 110:
Page 111 and 112:
Page 113 and 114:
Page 115 and 116:
Page 117 and 118:
Page 119 and 120:
Shareholder information MARKET STAT
Page 121 and 122:
Shareholder information (continued)
Page 123 and 124:
Shareholder information (continued)
Page 125 and 126:
Glossary AML Anti Money Laundering
Page 127 and 128:
Corporate information (continued) N
Page 129 and 130:
Notice of annual general meeting (c
Page 131 and 132:
Notes 128 Annual Report 2009
Page 134:
e-Dividend mandate form Dear Shareh
Page 137 and 138:
Registrars UBA Registrars Limited R
show all

2009 Annual Report and Financial Statements - UBA Plc

Create successful ePaper yourself

Delete template?

Save as template?