Thursday, December 17, 2020 / 6:20 PM / NSE / Header Image Credit: UBA
UBA fully recognises the impact of local economic, social, and environmental factors on its operating environment. With the needs of our stakeholder community in mind, we strive to turn challenges into opportunities, while simultaneously working to mitigate potential risks to the Bank. We were able to absorb and adapt to these external challenges in a manner that has effectively demonstrated the resilience of our strategic management and the strength of our operations. The Bank is fully aware of the challenges still ahead - such as population growth, ongoing economic volatility, and the finite nature of our rapidly depleting natural resources. An anchored culture of sustainability at UBA predicates constant analysis and evaluation of developments for potential risks and opportunities. These actions are undertaken with the purpose of capitalizing on the benefits and reducing any negative impact on our business. UBA's core business is to develop, market, and sell financial services that have the potential to drive sustainable growth and development. We promote a culture of competence and professionalism that is prevalent across all our interactions with customers, investors, and employees. The relationship of trust that we have cultivated with our customers is our most valuable asset; it is why we hold all "Lions and Lionesses" to the highest standards in everything they do.
About this Report
This is the maiden standalone sustainability report by the United Bank for Africa. It focuses on the Bank's sustainability journey. It offers a comprehensive view of UBA's performance in terms of Environmental, Social and Governance (ESG) practices in 2019. This report adopts the Global Reporting Initiatives (GRI) standards, a framework developed by the Global Sustainability Standards Board (GSSB) in October 2016. We emphasize some of the material aspects of our operations, strategy and sector specifications in line with the requirements of the GRI reporting framework. Also, the 2019 sustainability report incorporates reporting requirements from other guidelines such as the Nigerian Sustainable Banking Principles (NSBP) and Equator Principles. Our data collection methodology was a triangulated approach that incorporated primary and secondary data sources. The primary sources were from the Bank's internal processes and operations, while the secondary sources had to do with third party information collected from our borrowers and vendors and other external stakeholders. The integrity and reliability of our data was very paramount in the data collection process. Also, we ensured that the data uncovers salient issues that would support our internal decision-making processes. It should reveal areas we have done well and areas that require improvements. As the maiden sustainability report for the United Bank for Africa, it intends to provide insights into what the Bank has done to drive down the message of sustainable financing. It presents our clear sight into the connected principles of Profit, People and Planet. These themes are however, further emphasized in the Bank's Annual reports and Accounts. The considerations in the materiality assessment are to highlight issues of critical concern to our stakeholders and that have potential to deter the progress and execution of our strategy. We adopted a robust feedback mechanism to determine the areas to prioritize and this includes consultations with executive management and stakeholders at different cadres.
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Table: Q3 2020 Unaudited Results