UBA Donations To Education, Others Charitable Ventures Shrink 72.5%
Charitable donations to education, economic empowerment, environment and other initiatives by the United Bank for Africa (UBA) fell by 72.48 per cent in 2021 relative to the amount the bank spent in 2020.
This was disclosed in its 2021 Sustainability Report, with the theme, ‘Support a Stronger and more Prosperous Recovery’, released over the weekend.
It shows that the bank’s charitable donations fell to N1.41 billion in 2021 from N5.10 billion in 2020.
The report detailed that UBA’s donation to economic empowerment rose by 523.34 per cent in 2021 to N114.37 million from N18.35 million in 2020; donation to environment-relative activities by 275.44 per cent to N22.12 million in 2021 compare to N5.89 million in 2020; and donation to education by 267.08 per cent to N154.16 million from N41.995 million in 2020.
However, the bank’s donation to other initiatives, in the review period, declined by 77.88 per cent to N1.11 billion from N5.04 billion in 2020.
This year’s sustainability report, which is the third edition, outlines the bank’s non-financial performance and e, presents insight into its sustainability undertakings during the period and how UBA integrated environmental, social and governance priorities into its operations and businesses.
According to the report, UBA understands the impact of local economic, social, and environmental factors on its operating environment, noting the bank’s strategic intent is to commit one per cent of the group’s annual profit to Corporate Social Responsibility (CSR) activities geared toward protecting the environment, promoting educational endeavours, fostering economic empowerment, as well as supporting other sustainable projects, especially during the post-Covid-19 era.
The Chairman of the UBA Board of Directors, Tony Elumelu, said, the events of the past two years have had a strong impact on the world as the pandemic taught UBA to value life and companionship.
“Since the start of the pandemic two Years ago, we have donated over N6 billion to supporting communities across Africa,” adding that 2021 was an eventful year.
The Group Managing Director, Kennedy Uzoka, noted also that in 2021, the bank provided over N2 trillion worth of social impact financing for its customers, and donated over N1 billion to tackle the world’s greatest societal challenges.
“This report focuses on what was achieved in 2021. The Years ahead will come with opportunities and challenges for businesses. I am confident in our ability to ride the tide and deliver an inspired impact for all stakeholders,” he added.
Meanwhile, UBA’s operating cost in the review period rose by 14.58 per cent to N163.04 billion in 2021 from N 142. 297 billion in 2020.
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