Chaiman of the United Bank for Africa (UBA), Tonu Elumelu has said that the financial institution had delivered an impressive performance in its just released first quarter results despite the strain of the COVID-19 pandemic on the economy.
Elumelu made this known during UBA’s Annual General Meeting held virtually by proxy on Wednesday.
The Chairman expressed the Group’s deep appreciation to all the health workers across Africa, who are at the forefront of fighting the deadly pandemic. He also commended the Federal and State governments in Nigeria and governments across Africa, for their rapid actions against the threat.
“Our commitment to improving lives in Africa is a long-term one, which we do not take lightly, as we assist governments in Africa to curb this pandemic and help sustain employment across the continent. I want to also thank the UBA Board of Directors, who have been responsive in this time of crisis, as the Group donates $14m to assist governments to fight the COVID-19 Pandemic in Nigeria and Africa.”
Shareholders at the meeting commended the Board of Directors and management for the proactive role that the Group has been playing in helping to lessen the negative effects of the coronavirus pandemic across the African continent and its robust financial performance, despite a difficult macroeconomic outlook.
Detailing how UBA has reacted effectively during the pandemic, the GMD Kennedy Uzoka said, “As you know, UBA is a learning organisation, we are not a Nigerian bank, but a pan-African Bank operating in 20 African countries and also in the UK, the USA and France. When we learnt about this pandemic, we immediately activated our business continuity plan.
“All the investments we have made over the years in the area of technology will begin to yield now, because already we have continued to meet the needs of customers in terms of digital patronage, owing to the growing traffic we have been receiving in the past few weeks. We are well prepared for all situations,” Uzoka assured.
While expressing hope that a vaccine is found for the coronavirus, Uzoka disclosed that UBA will continually do business in a way to ensure that customers do not have to physically be in the bank.
“We are set to take our business to the customers wherever they are and however they want it.
“As our first quarter results indicate, we can produce robust results, despite the challenges. We are buoyed by our significant geographic diversification, our historic investment in efficiency and the dedication of our staff.
“Our commitment to our loyal shareholders is amply demonstrated in our progressive dividend policy,” he said.