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BUSINESS

UBA Rewards 100 Customers With N100,000 Amid COVID-19 Meltdown

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Pan African Financial institution, United Bank for Africa (UBA) Plc has again given its loyal customers reason to cheer as it rewarded 100 of them with N100,000 each in the UBA Bumper account draw.

The draw, which took place at the UBA Head office on Tuesday, was held via the Facebook platform in strict compliance with social distancing rules as directed by the Federal and Lagos State Government were 100 more customers emerged winners through a transparent draw.

When contacted, the customers who emerged winners of the draw agreed that the total reward of N10m is timely and would be very useful in assisting them especially in the face of the Coronavirus Pandemic currently ravaging the world with attendant effect on incomes of individuals.

UBA’s Group Head, Consumer and Retail Banking, Jude Anele, spoke about the bank’s excitement to be able to put smiles on the faces of as much as 100 customers at this critical time when livelihoods and lives are being threatened by the Covid-19 pandemic.

“These are difficult times indeed with little to cheer about because people are going through trying times. However, for us in UBA, we want our customers to know that we are in these together, that is why we have taken it upon ourselves to reward those that have kept our business going with their loyalty. With this reward, we want to encourage them to stay happy and safe even as they continue to aim for their dream regardless of the present challenges,” Anele said.

He noted that the bumper draw is also in line with the bank’s mission of creating superior value for its stakeholders while encouraging saving cultures among Nigerians, adding that “We have in recent times deepened our focus on the most important aspect of our business – the customers we serve. Hence, our huge investment in technology to make banking easier and seamless across all our product channels and that is why we most recently introduced new offerings such as this Bumper Account, with our customers in mind as it is expected to deliver improved value to them,” he said.

In the first draw which was held live during the official launch in Lagos, a total of 100 customers emerged winners as ‘Bumper to Bumper Crooner’, Wande Coal, serenaded guests with his famous hit songs to the delight of all present.

The Group Head Marketing & Customer Experience, Michelle Nwoga, explained that the Bumper account was created specifically with the customer in mind, adding that UBA truly puts its customers first and will stop at nothing to ensure they have the right solutions to support their needs. “We are committed to delivering exceptional service and will always seek to excite our customers at every interaction. We back our words with action and that is why a total of 100 customers emerged winners at the last draw which also took place here,” she said.

She added that a monthly shopping allowance of N100,000 for a year is also up for grabs. “No fewer than 5 account holders will get a whopping N2 million each across all participating regions every quarter. This account is open to both existing and new customers of the bank who save a minimum of N5,000,” Nwoga added.

Mafulul Emmanuel King, one of the winners who was called on the phone, could not hide his joy when he was announced as one of the winners. “I am still very amazed. I never knew I could get lucky and win. All my life, I have never won anything like this, and I am very happy that I won this time. What a time to get lucky than now when this Corona Pandemic has affected my business severely. You can’t imagine how relieved and delighted I am. God bless you guys, thank you so much UBA,” he said.

Another winner, Bello Aishat, who could not also believe it when her name was contacted screamed for joy, saying: “You don’t know what this means to me at this very difficult time! This bank keeps touching and supporting lives. The same way they supported both the federal and state governments and some African countries with a whooping N5bn. I am convinced UBA truly cares and I am proud to bank with UBA. Thank you so much, you have touched me beyond words at a trying time,” she concluded.

BUSINESS

FBN Holdings Grows Profit By 32% To N68bn In Nine Months

Gbemileke Ajayi

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FBN Holdings Plc has reported a growth of 31.7 percent in its profit after tax (PAT) for the nine months ended September 30, 2020, raising the hope of investors for a robust dividend at the end of the financial year.

The financial group posted a PAT of N68.256 billion, up from N51.747 billion in the corresponding period of 2019.

Details of the results showed that FBN Holdings recorded gross earnings of 325.279 billion, up from N324.152 billion, while net interest income stood at N192.737 billion compared with N203.53billion in 2019. Fee and commission income rose from N62.434 billion to N72.988 billion. Impairment charges rose from N28.46 billion to N46.675 billion.

Profit before tax improved from N54.469 billion to N63.280 billion, while PAT grew faster from N51.747 billion to N68.156 billion. Loans and advances expanded by 10.3 percent from N2.607 trillion to N2.869 trillion, while customers’ deposits rose from N4.019 trillion to N4.630 trillion. FBN Holdings ended the period with total assets of N7.243 trillion, up from N6.204 trillion.

The impressive results recorded despite the COVID-19 pandemic did not come as surprise to some stakeholders as the Group Managing Director of FBN Holdings Plc, Mr. UK Eke, had said necessary steps had been put in place to ensure the bank mitigate the impact of the pandemic.

According to him, FBN Holdings continued to assess the impact not only on its income in the immediate but also medium-to-long-term impact on its customers and their ability to meet obligations.

“And in line with the commitment to supporting our customers and providing leadership in the financial services industry, we will continue to provide unfettered access to financial services to our customers and address their needs. We are working in line with the guidance of the regulators including the Central Bank of Nigeria (CBN) in providing access to funding as we seek to kick-start the economy and drive growth,” he said.

He assured stakeholders that overall, “the impact on our business has been broadly in line with our expectations, and our resilience, breadth of offerings, and investment in alternative channels have ensured that the Group is able to cushion the effect and thrive.”

Eke had also said the shares of FBN Holdings had been undervalued because the valuation does not reflect the growing fundamentals as evidenced by the return on equity which has continued to improve quarter-on-quarter.

“More fundamentally, the Group has begun to reap the dividend of its investment in technology that has enhanced the earning capacity of the business and expanded our market reach,” Eke said.

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BUSINESS

Naira Sinks To N620 Against Pound, As Euro Rises To N565

Gbemileke Ajayi

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The naira tumbled to 620 against the British pound sterling at the parallel market on Thursday, even as the euro rose to N565.

The naira fell by 2.1 percent against the pound from 607 on Wednesday, and by 1.4 percent against the euro from 560.

The local currency was, however, stable against the dollar at the parallel market as it traded at 478/$1. It dropped from 475/$1 on Tuesday to 478/$1 on Wednesday.

In the Investors’ and Exporters’ forex window, the naira firmed to 385.50 against the greenback on Thursday from 386 on Wednesday as daily turnover rose to $205.84m from $32.88m on Wednesday, according to data obtained from FMDQ Group.

The Central Bank of Nigeria has kept the official exchange rate at N379/$1 since August when the naira was devalued for the second time this year from 360 per dollar. It was first devalued to 360 in March from 306.

The nation’s forex reserves stood at $35.54bn as of November 17, down from $35.69bn on October 28, according to the CBN.

The Group Managing Director/Chief Executive Officer, Cowry Asset Management Limited, Mr. Johnson Chukwu, had told our correspondent on Monday that forex demand pressures were coming from end-users and those whose obligations had matured and in need of forex to meet the obligations.

“There is a lot of unmet demand,” Chukwu had said, adding that pressure was mounting even as the CBN continued to intervene in the market.

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BIG STORY

GTBank Releases Q3 2020 Unaudited Results, Reports Profit Before Tax Of ₦167.4 Billion

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Guaranty Trust Bank plc has released its unaudited financial results for the period ended September 30, 2020, to the Nigerian and London Stock Exchanges.

The 3rd Quarter result shows improved performance across key financial metrics, reaffirming the Bank’s capability to navigate the current economic challenges occasioned by the impact of COVID 19 on World economies.

The performance reflects its position as one of the leading and best managed financial institutions in Africa.

The Group reported Profit before tax of ₦167.4billion, representing a decrease of 1.9% over ₦170.7billion recorded in the corresponding period of September 2019 and an improvement on the 5.2% dip posted in H1-2020 relative to H1-2019.

Loan and Deposit book however grew by 4.5% and 25.1% from ₦1.502trillion and ₦2.640trillion recorded as of December 2019 to ₦1.569trillion and ₦3.303trillion in September 2020 respectively.

Guaranty Trust Bank’s Balance sheet remained well structured, diversified, and resilient with Total assets and Shareholders’ Funds closing at ₦4.574trillion and ₦755.5billion respectively. Full Impact Capital Adequacy Ratio (CAR) remained very strong, closing at 23.9%, while Asset quality was sustained as NPL ratio and Cost of Risk (COR) closed at 6.5% and 0.6% in September 2020 from 6.5% and 0.3% in December 2019 respectively.

Commenting on the financial results, the Managing Director/CEO of Guaranty Trust Bank plc, Mr. Segun Agbaje, said; “Our 3rd Quarter result is a reflection of how we have appropriately positioned our balance sheet to cope with current economic realities and the challenging business environment. It is also a testament to the enduring loyalty of our customers, the hard work and dedication of our staff, and the unwavering support we continue to enjoy from all our stakeholders in our drive to deliver best-in-class financial services and superior and sustainable returns.”

He further stated that; “As an organization, we will continue to build on our commitment to enriching lives by leveraging our digital-first customer-centric strategy to improve customer experience and maintain a high standard in service delivery, and going beyond banking to create and drive innovative financial solutions that add value to our customers in all aspects of their lives.”

Over all, Guaranty Trust Bank plc continues to be the best in the Nigerian banking industry in terms of all financial ratios i.e. Post-Tax Return on Equity (ROAE) of 26.3%, Post-Tax Return on Assets (ROAA) of 4.6%, and Cost to Income ratio of 40.2%.

Renowned for its forward-thinking approach to financial services and customer engagement, GTBank was recently ranked Africa’s Most Admired Finance Brand in the 10th-anniversary rankings of Brand Africa 100: Africa’s Best Brands, the pre-eminent survey and ranking of the Top 100 admired brands in Africa.

The Bank was also awarded the Best Bank in Nigeria by Euromoney Magazine for a record-extending tenth time and the Euromoney Excellence in Leadership Africa Award for its swift reaction in responding to the Covid-19 crisis and for addressing the impact of the pandemic on its customers and communities.

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