2009 Annual Report and Financial Statements - UBA Plc

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I have served as CEO of United Bank for Africa Plc since its merger with Standard Trust Bank Plc (STB) in August 2005. Prior to this, I had been CEO of STB, since 1997; bringing the total number of years I have served as CEO to 13. During this time, we have gone through periods of prosperity and challenges, emerging bigger, stronger and better focused on our vision of becoming Africa’s Global Bank. We successfully carried out the largest bank merger and integration in Sub-Saharan Africa and have within fi ve years transformed the institution from a single country operating entity to a Pan African and global player with operating presence in 16 African countries spread across West Africa, Central Africa, East Africa and Southern Africa; and additional presence in Paris, New York and London. All these have been made possible by the commitment shown by the UBA workforce and continued support of our customers, Board and shareholders. In line with our robust succession plans and in compliance with the CBN guideline, the Board of Directors, after due consideration, approved the appointment of Mr. Phillips Oduoza as my successor eff ective August 1, 2010, subject to the approval of the CBN. Prior to his appointment, Mr. Oduoza was the Deputy Managing Director, UBA South Bank – the Group’s largest Strategic Business Group in terms of revenue contribution. Phillips holds a 1st Class degree in Civil Engineering and an MBA (Finance) from the University of Lagos. He is also an alumnus of the Advanced Management Programme (AMP) of Harvard Business School and has over 20 years banking experience spanning all facets of the profession. A seasoned professional, Phillips has operated at Executive Management level for over 10 years, initiating and implementing strategic policies across the industry. I am confi dent that he will build on the foundation that we have established and launch the Group on a new growth trajectory for the benefi t of all shareholders. I wish to specially thank you, our shareholders, for the opportunity to serve you and your support during my tenure as we strove to deliver a vision of building a world class fi nancial institution in Africa, by Africans, serving businesses across Africa and beyond. This race we run is a marathon, and as I pass the baton to Mr. Oduoza, I ask you all to extend the same support to him so that together, we will deliver on the bank of our dreams – i.e. UBA …Africa’s Global Bank. God bless you all and long live UBA. Tony O. Elumelu, MFR Group Managing Director/CEO The Board of Directors, after due consideration, approved the appointment of Mr. Phillips Oduoza as my successor eff ective August 1, 2010 Mr. Oduoza was the Deputy Managing Director, UBA South Bank – the Group’s largest Strategic Business Group in terms of revenue contribution I wish to specially thank you, our shareholders, for the opportunity to serve you Annual Report 2009 21
Review of Group’s fi nancial performance GROSS EARNINGS Gross earnings grew 45.6% to N246.7 billion during the 15-month period (2008: 12-month period: N169 billion). This was achieved largely through increased lending activities and operations in African countries. We expect to see further growth in earnings as we diversify across Africa. NET INTEREST MARGIN (NIM) The Group’s Net Interest Margin (NIM) ratio defi ned as the ratio of our Net Interest Income (i.e. Interest Income less Interest Expense) to average interest earning assets held as at 31 December 2009, improved over the levels attained in the last fi nancial year. This affi rms the strength and quality of our core business. OPERATING INCOME Operating income came up strong, with a 45% growth in the period, refl ecting our revenue generating capacity from underlying operations. This is mainly resulting from the increase in our earning assets and protection of our interest margins in the face of intense market pressures. We remain very optimistic that this growth trend will continue in the future, as we consolidate our distribution network in Africa. 22 Annual Report 2009 Gross earnings (N’billion) CAGR (2005 – 2009): 40% 300 225 150 75 0 2005 2006 Net interest margin (%) CAGR (2005 – 2009): 42% 10.0 7.5 5.0 2.5 0.0 2007 Operating income (N’billion) CAGR (2005 – 2009): 48% 200 150 100 50 0 2005 2005 2006 2006 2007 2007 2008 2008 2008 2009 2009 2009
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
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Page 9 and 10: Board of directors (continued) 6 An
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Page 15 and 16: Chairman’s statement CHIEF FERDIN
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Notes to the consolidated fi nancia
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Group fi ve-year fi nancial summary
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Risk management report ENTERPRISE-W
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Risk management report (continued)
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Shareholder information MARKET STAT
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Shareholder information (continued)
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Shareholder information (continued)
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Glossary AML Anti Money Laundering
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Corporate information (continued) N
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Notice of annual general meeting (c
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Notes 128 Annual Report 2009
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e-Dividend mandate form Dear Shareh
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Registrars UBA Registrars Limited R
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2009 Annual Report and Financial Statements - UBA Plc

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