United Bank For Africa Plc · NSENG:UBA
United Bank For Africa — Q1 2010 Earnings Presentation
79 slides from United Bank For Africa's earnings presentation, Apr 27, 2010
Slide 1: Investor Briefing for Full Year 2009 and First Quarter 2010
Investor Briefing For Full Year 2009 and First Quarter 2010 By VICTOR OSADOLOR ED/Group CFO UBA PLC April 27, 2010 1
Slide 2: Disclaimer
Disclaimer This presentation contains certain financial information, opinions and forecast on the operations and business of UBA PLC. These financial information, opinions and forecast represent the bank’s expectation or beliefs concerning its accounts and future events, and involve known and unknow
Slide 3: Important Disclosures
Important Disclosures • In line with the provisions of the Central Bank of Nigeria (CBN) that all Nigerian banks should have a uniform financial reporting date of December, UBA PLC operated for fifteen months during its last financial year which ended on 31st December 2009. • This presentation revie
Slide 4: Outline
Outline • UBA’s Financial Performance • Operating/Regulatory Environment • About UBA • Outlook • Q&A 4
Slide 5: Full Year 2009 (FY09) Financial Analysis
FULL YEAR 2009 (FY09) FINANCIAL ANALYSIS Full Year 2009 Financial Review 5
Slide 6: Outline: Financial Performance for FY09
Outline UBA’s Financial Performance For FY09 • Highlights • Revenue • Profitability • Balance Sheet • Efficiency • Liquidity and Asset Quality • Funding and Capital Adequacy Full Year 2009 Financial Review 6
Slide 7: Financial Highlights
Financial Highlights PARAMETERS FY09 FY08 % Change ACTUAL (N'BN) ACTUAL (N'BN) FY09/FY08 GROSS EARNINGS 246.7 169.8 45% PROFITS B/F PROV, EX ITEMS & TAX 51.8 59.4 -13% PROVISIONS 38.2 2.6 1359% EXCEPTIONAL ITEMS 7.0 8.8 -20% PBT AFTER EX ITEMS 6.6 48.0 -86% BALANCE SHEET SIZE 2,238 2,290 -2% TOTAL A
Slide 8: Outline: Revenue
Outline UBA’s Financial Performance For FY09 • Highlights • Revenue • Profitability • Balance Sheet • Efficiency • Liquidity and Asset Quality • Funding and Capital Adequacy Full Year 2009 Financial Review 8
Slide 9: Revenue Trend
Revenue Trend Strong Topline Growth (N’bn) Qtrly Revenue Streams Returning (N’bn) 246.7 60 68.9 57 169.6 52 52 48 40 52.9 38 109.4 35.7 177.8 20 116.7 73.7 0 FY07 FY08 FY09 1Q09 2Q09 3Q09 4Q09 5Q09 Fee Based Income Fund Based Income Presentation of Group Performance • Gross Earnings growth trajector
Slide 10: Revenue Mix
Revenue Mix Revenue Mix, By Geography • Excl- Nigeria operations maintain 10% Excl-Nigeria Nigeria 10% contribution to revenue (3.4% in FY08) • B/Faso, New York and Ghana constitute 3.4% 72% of ex-Nigeria revenues 90% • Slight change fee based income mix 96.6% • Forex now 16% of fee based income (7%
Slide 11: Outline: Profitability
Outline UBA’s Financial Performance For FY09 • Highlights • Revenue • Profitability • Balance Sheet • Efficiency • Liquidity and Asset Quality • Funding and Capital Adequacy Full Year 2009 Financial Review 11
Slide 12: Profit Analysis 1
Profit Analysis…1 Strong Revs N247bn - 51% 3yr- CAGR N50bn 20% of Revenues (7% in 2008) N130bn N59.7bn 54%of Revenues 24% of Revenues (41% in 2008) (24% in 2008) Presentation of Group Performance N7bn 3% of Revenues (28% in 2008) Provisions/EI Full Year 2009 Financial Review 12
Slide 13: Profits Analysis 2
Profits Analysis….2 Strong Growth in Operating Income (N’bn) 187.1 128.151 • Strong growth in Operating Income, 56% 77.1 CAGR. • More contribution from NRFF at 66% (58% in 2008) • PBT after exceptional items dips year on FY07 FY08 FY09 year due to Exceptional Provs. & Special assets’ write-off • Pro
Slide 14: Profits Analysis 3, By Geography
Profits Analysis….3, By Geography Operating Income, By Geography (N’bn) PBT Before Prov/EI, By Geography (N’bn) 169.1 62.4 13.1 4.4 -0.8 -4.2 Nigeria Africa Rest of World Nigeria Africa Rest of World Presentation of Group Performance PBT After Prov/EI, By Geography (N’bn) • Operating Incomes reporte
Slide 15: Outline: Balance Sheet
Outline UBA’s Financial Performance For FY09 • Highlights • Revenue • Profitability • Balance Sheet • Efficiency • Liquidity and Asset Quality • Funding and Capital Adequacy Full Year 2009 Financial Review 15
Slide 16: Total Asset and Contingents
Total Asset and Contingents Stable Balance Sheet Size (N’trn) Stable Total Assets (N’trn) 1.8 1.67 2.29 2.24 1.55 1.64 1.19 1.2 0.6 0 FY07 FY08 FY09 FY07 FY08 FY09 Presentation of Group Performance Total Assets Grow in Other Africa Subs (N’bn) • Stability in 2009 despite industry 174 challenges • Ba
Slide 17: Deposit Base
Deposit Base Stable Deposits (N’trn) Qtrly Trend in Group Deposits (N’trn) 1.33 1.25 1.29 1.25 1.15 0.91 1.02 0.83 FY07 FY08 FY09 1Q09 2Q09 3Q09 4Q09 5Q09 Presentation of Group Performance Qtrly Trend in UBA Africa Deposits (N’bn) • Stable deposits in spite of hostile operating environment in 2009 1
Slide 18: Deposit Mix
Deposit Mix Deposit Mix, By Type Deposit Mix, By Geography FCY 16% (11% in FY08) Excl-Nigeria Nigeria Demand 9% 16% Time 41% (51% in FY08) 29% (27% in FY08) Savings 91% 14% 84% (11% in FY08) FY08 FY09 Deposit Mix, By Class Presentation of Group Performance • Low cost deposit account for 71% of total
Slide 19: Group Lending
Group Lending Loans (N’bn) Loans, Qtrly Trend (N’bn) 607 607 535 545 428 454 373 320 FY07 FY08 FY09 1Q09 2Q09 3Q09 4Q09 5Q09 Presentation of Group Performance Qtrly Trend in Loans, UBA Africa (N’bn) • Strong loan growth (38% CAGR) 54 58 58 • Sustained uptrend in net loans 39 42 through 2009. Most lo
Slide 20: Lending Portfolio
Lending Portfolio Lending, By Type and Currency Lending Portfolio, By Class 4% Public FCY SME Sector 12% LCY 7% Fin. Corporate Services 39% 13% Retail 29% 96% Lending Portfolio, Sector Distribution 7% 3% Personal & Professional 18% Presentation of Group Performance 8% Term Loans Oil & Gas 16% O/Draf
Slide 21: Outline: Efficiency
Outline UBA’s Financial Performance For FY09 • Highlights • Revenue • Profitability • Balance Sheet • Efficiency • Liquidity and Asset Quality • Funding and Capital Adequacy Full Year 2009 Financial Review 21
Slide 22: Quality of Earning Assets
Quality of earning assets… Strong Yield on Earning Assets Fund based income remains strong 12.0% • Annualized Yield on earning assets up to 11.0% 11 % 7.1% • Solid Net Interest Margins of 7.4% • Taking a cue from strong yield on earning assets • Annualized cost of funds up 60 bpts to FY07 FY08 FY09
Slide 23: Cost Analysis
Cost Analysis Staff Cost reducing Below par Group–wide Cost to Income Ratio in 5Q09 Opex Staff Costs 69% 60% 58% 63.1% 68.2% 36.9% 31.8% FY08 FY09 FY07 FY08 FY09 Presentation of Group Performance • Staff costs to total costs reduce: benefits Cost to Income Ratio, By Geography of group-wide staff opt
Slide 24: Concerted Management Initiatives Yield Benefits
Concerted management initiatives yield benefits Returns Recover After Dip in 4Q09 Return on Average Assets 4Q09 5Q09 2.9% 1.0% 2.1% 0.3% -0.5% ROaE ROaA 0.3% FY08 FY09 FY09 -3.6% Presentation of Group Performance Return on Average Equity • Return on Investments turn positive after 22.6% the dip in 4
Slide 25: Outline: Liquidity and Asset Quality
Outline UBA’s Financial Performance For FY09 • Highlights • Revenue • Profitability • Balance Sheet • Efficiency • Liquidity and Asset Quality • Funding and Capital Adequacy Full Year 2009 Financial Review 25
Slide 26: Liquidity
Liquidity Liquid Assets Liquidity Ratio Cash/ST Funds 45% Treasury Bills 4% 42% 6% Govt Bonds 15% 31% Cash with Other banks 4% CBN Balances Interbank 4% Plcmts 67% FY07 FY08 FY09 Presentation of Group Performance Loan to Deposit Ratio • Highly liquid balance sheet 48.7% • Liquidity Ratio up to 45% •
Slide 27: Asset Quality
Asset Quality NPL Ratio NPL Coverage Ratio 127.7% 8.7% 108.6% 71.0% 4.4% 3.5% FY07 FY08 FY09 FY07 FY08 FY09 Presentation of Group Performance • NPL ratio weakened in 2009 to 8.7% • Due to challenging operating landscape • Medium term target remains 5% • Coverage ratio weakened to 71% Full Year 2009
Slide 28: Funding and Capital Adequacy
Funding and Capital Adequacy Shareholders’ Funds (N’bn) 195 187 168 • CAR down to 16% due to exceptional write-offs. Medium term target is 20% FY07 FY08 FY09 Presentation of Group Performance Capital Adequacy Ratio 22% 22% 16% FY07 FY08 FY09 Full Year 2009 Financial Review 28
Slide 29: First Quarter 2010 (1Q10) Financial Analysis
FIRST QUARTER 2010 (1Q10) FINANCIAL ANALYSIS First Qtr 2010 Financial Review 29
Slide 30: Outline: Financial Performance for 1Q10
Outline UBA’s Financial Performance For 1Q10 • Highlights • Revenue • Profitability • Balance Sheet • Efficiency • Liquidity and Asset Quality • Funding and Capital Adequacy First Qtr 2010 Financial Review 30
Slide 31: Financial Highlights
Financial Highlights PARAMETERS 3MTHS (MAR-10) 3MTHS (MAR-09) % Change ACTUAL (N'BN) ACTUAL (N'BN) FY09/FY08 GROSS EARNINGS 48.2 57.3 -16% PROFITS B/F TAX & EX ITEMS 5.3 11.8 -56% EXCEPTIONAL ITEMS (1.8) (2.1) -18% PBT AFTER EX ITEMS 3.5 9.7 -64% 31-Mar-10 31-Dec-09 % Change BALANCE SHEET SIZE 2,489
Slide 32: Outline: Revenue
Outline UBA’s Financial Performance For 1Q10 • Highlights • Revenue • Profitability • Balance Sheet • Efficiency • Liquidity and Asset Quality • Funding and Capital Adequacy First Qtr 2010 Financial Review 32
Slide 33: Revenue Trend
Revenue Trend Gross Income (N’bn) Monthly Revenues (N’bn) 57.2 18.2 48.2 15.0 15.0 14.7 39.1 11.2 13.4 42.5 37.0 25.7 3mth (Mar-08) 3mth (Mar-09) 3mth (Mar-10) Jan-10 Feb-10 Mar-10 Fee Based Income Fund Based Income Presentation of Group Performance • Gross Earnings decline YoY Volatile Revenues, la
Slide 34: Revenue Mix
Revenue Mix Revenue Mix, By Geography • Contribution from outside Nigeria rises to 8% 12% 12% (8% in 3mth to Mar-09) • Nigeria excluding IB & FS still the key driver of revenues – 71% contribution 92% 88% • Fund based revenue fairly stable so far in 2010, but fee incomes leapt in Mar-10 due to growt
Slide 35: Outline: Profitability
Outline UBA’s Financial Performance For 1Q10 • Highlights • Revenue • Profitability • Balance Sheet • Efficiency • Liquidity and Asset Quality • Funding and Capital Adequacy First Qtr 2010 Financial Review 35
Slide 36: Profits Analysis 1
Profits Analysis….1 Operating Income (N’bn) Breakdown of Operating Income 31 30 26 Others Fees 19% 21% COT 9% NRFF Forex 48% 3% 3mth (Mar-08) 3mth (Mar-09) 3mth (Mar-10) Profits Before Tax (N’bn) Presentation of Group Performance 16 • Operating income stable YoY – 2yr CAGR of 7.4% achieved. 11.8 Bef
Slide 37: Profits Analysis 2, By Geography
Profits Analysis….2, By Geography Operating Income, By Geography (N’bn) 26 • Underlying business in Nigeria is profitable – 85% of group operating income 4 0.44 • Africa and RoW also reported UBA Nigeria UBA Africa RoW operating income… • But OPEX in Africa still stronger than incomes, hence negativ
Slide 38: Outline: Balance Sheet
Outline UBA’s Financial Performance For 1Q10 • Highlights • Revenue • Profitability • Balance Sheet • Efficiency • Liquidity and Asset Quality • Funding and Capital Adequacy First Qtr 2010 Financial Review 38
Slide 39: Total Asset and Contingents
Total Asset and Contingents Balance Sheet Size improves (N’trn) Stable Total Assets (N’trn) 1.67 1.67 1.66 2.49 2.29 2.24 1.19 1.64 FY07 FY08 FY09 1Q10 FY07 FY08 FY09 1Q10 Presentation of Group Performance • Bigger and stronger in 2010 after industry Total Assets Grow in Other Africa Subs (N’bn) cha
Slide 40: Deposit Base
Deposit Base Growth in Deposits (N’trn) Qtrly Trend in Group Deposits (N’trn) 1.36 1.30 1.36 1.33 1.25 1.25 1.15 1.02 0.91 FY07 FY08 FY09 1Q10 2Q09 3Q09 4Q09 5Q09 1Q10 Presentation of Group Performance Qtrly Trend in UBA Africa Deposits (N’bn) • Strong deposit generation in 2010, up 148 by 9% from D
Slide 41: Deposit Mix
Deposit Mix Deposit Mix as at Mar-10, By Type Deposit Mix, By Geography (16% in FY09) FCY 13% Demand 9% 17% 15% 16% 41% (41% in FY09) Time 32% (29% in FY09) Savings 91% 83% 85% 84% 14% (14% in FY09) FY08 FY09 Mar-09. Mar-10 Deposit Mix, By Class Presentation of Group Performance • Low cost deposit a
Slide 42: Group Lending
Group Lending Loans (N’bn) Loans, Qtrly Trend (N’bn) 607 590 607 590 535 545 454 448 320 FY07 FY08 FY09 1Q10 2Q09 3Q09 4Q09 5Q09 1Q10 Presentation of Group Performance Qtrly Trend in Loans, UBA Africa (N’bn) • Lending slipped in 1Q10 due to lull 58 58 in business, challenging 54 50 landscape. 42 • D
Slide 43: Lending Portfolio
Lending Portfolio Lending Portfolio, By Type Lending Portfolio as at Mar-10, By Class Public Financial sector Serv Others (7% in FY09) 8% 15% (13% in FY09) 2% (18% in FY09) Commercial Overdrafts 9% (12% in FY09) 26% (25% in FY09) Corporate 40% (39% in FY09) Retail 28% (29% in FY09) Term loans 72% (5
Slide 44: Outline: Efficiency
Outline UBA’s Financial Performance For 1Q10 • Highlights • Revenue • Profitability • Balance Sheet • Efficiency • Liquidity and Asset Quality • Funding and Capital Adequacy First Qtr 2010 Financial Review 44
Slide 45: Margin Erosion
Margin erosion… Net Interest Margins Improve 7.4% 6.3% 5.9% 4.9% Fund based income remains strong • Annualized Yield on earning assets up to 12.3% in Mar-10 (11% in Dec-09) • Depressed yields FY07 FY08 FY09 1Q10 • Due to higher cost of funds • Annualized cost of funds now 5.4% in Mar- Presentation o
Slide 46: Cost Analysis
Cost Analysis Below par Group–wide Cost to Income Ratio in 1Q10 • Cost to income ratio high at 83% due 83% to UBA Africa’s pre-op cost and 73% 71% 69% 64% Provisions • Medium term target remains 55% • Terminal benefits to optimized staff • GSS taking firm route in Nigeria • To be rolled out in Afric
Slide 47: Concerted Management Initiatives to Yield Desired Benefits
Concerted management initiatives to yield desired benefits Return on Average Equity Return on Average Assets 22.6% 2.9% 19.8% 2.1% 1.3% 3.4% 0.3% 1.0% FY07 FY08 FY09 1Q10 FY07 FY08 FY09 1Q10 Presentation of Group Performance Returns in selected African Countries (Mar-10) • Returns improved in 1Q10 8
Slide 48: Outline: Liquidity and Asset Quality
Outline UBA’s Financial Performance For 1Q10 • Highlights • Revenue • Profitability • Balance Sheet • Efficiency • Liquidity and Asset Quality • Funding and Capital Adequacy First Qtr 2010 Financial Review 48
Slide 49: Liquidity
Liquidity Liquid Assets Liquidity Ratio Cash/ST Funds 45% Treasury Bills 42% 43% 8% (4% in FY09) (6% in FY09) 2% Govt Bonds 31% 5% (15% in FY09) Interbank Cash with Plcmts Other banks 47% (67% in FY09) 36% (4% in FY09) FY07 FY08 FY09 1Q10 CBN Balances Presentation of Group Performance 2% Loan to Dep
Slide 50: Asset Quality
Asset Quality NPL Ratio NPL Coverage Ratio 8.7% 9.0% 127.7% 108.6% 80.7% 4.4% 69.0% 3.5% FY07 FY08 FY09 1Q10 FY07 FY08 FY09 1Q10 Presentation of Group Performance • Weaker NPL ratio of 9% in 1Q10 (8.7% in FY09) • Due to decline in loan book and, • challenging operating landscape • Medium term target
Slide 51: Outline: Funding and Capital Adequacy
Outline UBA’s Financial Performance For 1Q10 • Highlights • Revenue • Profitability • Balance Sheet • Efficiency • Liquidity and Asset Quality • Funding and Capital Adequacy First Qtr 2010 Financial Review 51
Slide 52: Funding and Capital Adequacy
Funding and Capital Adequacy Shareholders’ Funds (N’bn) Funding Mix 195 187 187 168 81.5% 81.7% • CAR down to 14% due to exceptional 11.4% 8.9% write-offs. 8.2% Medium 7.2% term target 11.2% is 20% 11.1% 7.4% 15.2% 15.1% 11.1% FY07 FY08 FY09 1Q10 Mar-08 Mar-09. Deposits Other Liab Equity Presentatio
Slide 53: Equity and Enterprise Value
Equity and Enterprise Value UBA Outperforms the ASI in 3mths to Mar-10 Share Price Performance 16 ASI - Rebased UBA 37.0% 15 14 13 12 11 10 -38.0% 4-Jan 18-Jan 1-Feb 15-Feb 1-Mar 15-Mar 29-Mar 3mths (Mar-09) 3mths (Mar-10) Presentation of Group Performance Share of Agg. Market Cap Increases • UBA ou
Slide 54: Outline: Operating/Regulatory Environment
Outline • UBA’s Financial Performance • Operating/Regulatory Environment • About UBA • Outlook • Q&A 54
Slide 55: Outline: Global Trends/SSA Economy
Outline Operating/Regulatory Environment • Global Trends/SSA Economy • Local Economy/Banking Industry Overview 55
Slide 56: Outline: Local Economy/Banking Industry Overview
Outline Operating/Regulatory Environment • Global Trends/SSA Economy • Local Economy/Banking Industry Overview 56
Slide 57: Sustained Recovery in Global Economy
Sustained Recovery in Global Economy… • Industrial production trending up • As global aggregate demand improves • Rate of job losses continues to decline • Strong recovery in equity markets Rate of Job Losses Weakens Further 57
Slide 58: Hope for SSA as commodity prices sustain uptrend
Hope for SSA as commodity prices sustain uptrend • Crude oil trading beyond 2009 levels • Metals, agric and livestock also strong • As overall confidence improves 58
Slide 59: Outline: Local Economy/Banking Industry Overview
Outline Operating/Regulatory Environment • Global Trends/SSA Economy • Local Economy/Banking Industry Overview 59
Slide 60: Nigeria's Recent Macro Posture
Nigeria’s Recent Macro Posture! Key Macro Indicators Indicator 1Q 1Q Commentaries 2009 2010 • Recovery in oil price/output GDP (%) 4.6 6.9 • Increased government spending • Growth in Agriculture output • Slow credit growth and stability in food inflation Inflation (%) 14.4 12.3 • Decline in core inf
Slide 61: Overview of Industry Regulation
Overview of Industry Regulation • Financial reporting and corporate governance standards enforced • Risk based and consolidated supervision pursued • Waiver on 1% general provision extended till Dec-10 • Draft revised prudential guidelines to released • Interbank placements guarantee extended till 3
Slide 62: Outline: About UBA
Outline • UBA’s Financial Performance • Operating/Regulatory Environment • About UBA • Outlook • Q&A 62
Slide 63: About us
About us Our core Values Who we are United Bank for Africa Plc (“UBA”) is the leading financial services institution in West Africa. Listed on the H - Humility Nigerian Stock Exchange, UBA is rapidly evolving into a E - Empathy pan African full service financial institution I - Integrity The Bank’s
Slide 64: Strategic Thrust I
Strategic Thrust…I • Dominance in Nigeria • 20% market share (Market cap, Bal Sheet size, profits and presence); current levels is 13% …. become the leading emerging markets bank • Extensive branch network with global footprint in • Wider ATM and POS distribution channels ..dominance … become a all
Slide 65: Strategic Thrust II
Strategic Thrust…II • Low cost retail banking • Cost to income ratio of 55% by 2012 • Net Interest Margin of 6% …. become the leading emerging markets bank • Cost of funds – 3% with global footprint in • Thru: ..dominance … become a all international leading Bank • Leveraged economies of scale from
Slide 66: Group Org Structure
Group Org Structure… • Flat • Designed to facilitates speedy decision making, entrepreneurship & effective corporate support BOARD OF DIRECTORS BOARD AUDIT COMMITTEE GMD/ CEO GROUP INTERNAL GROUP EXEC OFFICE AUDIT GROUP STRATEGY OFFICE CORPORATE TRANSFORMATION OFFICE OFFICE OF THE CHIEF OF STAFF SPE
Slide 67: Strong Governance Framework
Strong Governance Framework UBA Board 20 members ( 9 Non exec, 2 indep, 9 Exec) 67
Slide 68: Risk Management Goals
Risk Management Goals Speedy implementation of Basel II enterprise risk management framework and IFRS -(IFRS near completion, Basel 2 ongoing) Regular Internal Capital Adequacy Assessment Process (ICAAP) – Commenced in 2H09 Stress Testing (Internal/CBN) driving risk appetite decisions - Commenced in
Slide 69: Enterprise Risk Management (ERM) Structure
Enterprise Risk Management (ERM) Structure… ERM Framework Risk Credit Chief Credit Compliance Risk Market Op Risk IT Risk Measurement Credit Collections/ & Management Risk Officer recoveries Fin Crime Policies & Group Traded IT Infra- Economic Frameworks Group Group Loss Credit Market structure Capi
Slide 70: Our Footprint/Developments
Our Footprint/Developments… UK Paris Abu Dhabi USA Guangzhou Cayman Island 711 branches (14% market share) Mali 1,687 ATMs (20% market share) Benin Nigeria 1,230 POS Term (Industry leader) Tchad Senegal Cameroon Over 200 banking products; a wide array for ease of choices Guinea Uganda S. Leone Over
Slide 71: Our Key Strengths
Our Key Strengths Financial Size, Low cost & Profitability (Nominal) Self driven, Strong brand dynamic, equity leadership team Wide network Large customer including Product range base alternative and innovation channels Great People 71
Slide 72: Outline: Outlook
Outline • UBA’s Financial Performance • Operating/Regulatory Environment • About UBA • Outlook • Q&A 72
Slide 73: Outlook for the Operating Environment I
Outlook for the Operating Environment…I • IMF projects 4.2% growth in world GDP for 2010, SSA to grow by 4.7% and Nigeria to expand by 7.0% • Global lending and liquidity to improve • Africa to receive more capital flows • Oil price to remain strong at between $75-85 per barrel on the back of global
Slide 74: Outlook for the Operating Environment II
Outlook for the Operating Environment…II • Macro conditions to be impacted • Aggregate prices to come under pressure • Exchange rates to remain stable • Foreign reserves to improve with increased fiscal discipline • CBN to strengthen regulatory oversight (please see more detail of 10-year roadmap) •
Slide 75: Outlook for UBA
Outlook for UBA • Sustain strong corporate governance and risk management frameworks and practices • Sustain our current strategy despite CEO transition • Sustain strong Liquidity and Capital Adequacy • Capital raising on track • Regular ICAAP/Stress tests • Aggressively pursue efficiencies • Group
Slide 76: Thank You
Thank You 76
Slide 77: Q&A
Q&A 77
Slide 78: Appendix
Appendix 78
Slide 79: Brief history of UBA
Brief history of UBA 1949 French & British Bank Limited (“FBB”) commences business 1961 Incorporation of UBA to take over the banking business of the FBB 1970 IPO on the NSE 1984 Establishment of NY branch 1998 GDR programme established 2004 Establishment of UBA Ghana 2005 Merger with Standard Trust
United Bank for Africa — Q1 2010 Earnings Presentation on 6ix