After ending his six years tenure as Group Managing Director (GMD) of the United Bank For Africa (UBA) on August 1, 2022, Kennedy Uzoka bowed out amidst a loud ovation. When he was announced the GMD of UBA in April 2016, those who doubted his competence and capacity now concluded that he is indeed a genius. His innovative efforts helped redefine and reposition the bank to global standards. When his retirement was announced, shareholders applauded him the most for how he increased the UBA group’s profit despite the challenges of two recessions in 2016 and 2020 coupled with the ruinous effects of COVID-19. Regardless of that, he ensured the bank spread its tentacles across the world with its recently launched operation in Dubai.
Throughout his six years at the helm of the bank’s affairs, his indelible footprints of growth cannot be shoved away by the wave of a hand. Under his watch, the bank’s gross earnings surged by 71.6 percent from N383.64 billion in 2016 to N658.29 billion in 2021, according to available data from the annual Tier-1 Bank reports, profit before tax was N153.07 billion from N90.64 or 68.9 percent, while profit after tax leaped by 64.3 percent to N118.67 billion in 2021 from N72.26 in 2016. Earnings in Africa and the rest of the world increased by 135 percent from N159.42 billion in 2016 to N374.69 billion in 2021. Loans and advances to customers increased significantly from N1.50 trillion on his assumption of the duty to N2.68 trillion, a rise of 78.7 percent; while deposits from customers, a measure of the growth of confidence in the service and performance of the bank jumped by 156.5 percent to N6.36 trillion in 2021 from N2.48 trillion in 2016. E-banking income rose to N64.59 billion from N30.46 billion during the period, an increase of 112 percent.
After handing over to the new GMD Oliver Alawuba, sources told Society Rendezvous that Uzoka’s retirement will allow him to explore some other aspects outside banking.