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Shareholders commend Union Bank’s profitability, approve dividend

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Union bank

Union Bank of Nigeria Plc yesterday, held its 52nd yearly general meeting with its shareholders approving the Group’s 2020 annual accounts.

Chairman of the board, Beatrice Hamza Bassey highlighted key achievements of the bank in 2020, including the continued focus on digital innovation, the bank’s multipronged approach to supporting the fight against COVID-19 and providing support to enable over 70 per cent of the employees to work from home

Bassey said: “Our commitment to delivering high-quality earnings remains unwavering. I am pleased to announce that the bank delivered a resilient set of results in 2020 notwithstanding the challenging macroeconomic operating environment. Our overall performance demonstrates our resilience and ability to adapt to the constantly changing business environment to maximise shareholder returns. We remain committed to delivering value to our shareholders as we continue to drive growth and profitability of our business.”

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Shareholders at the AGM approved the recommended dividend of 25 Kobo per ordinary share while applauding the bank’s resilience despite the hard times.

A study of the bank’s financial performance in 2020 shows that profit before tax (PBT) grew by 2.8 per cent to ₦N25.4 billion, from ₦N24.7 billion posted in 2019.

Customer deposits also increased by 27.6 per cent to ₦1.13 trillion billion compared to ₦886.3 billion recorded in 2019, reflecting the bank’s ability to deliver a compelling range of products to its customers during the pandemic, and increased adoption of digital channels.

Non-performing loans ratio reduced to four per cent from 5.8 per cent in 2019, driven by a disciplined recovery strategy, a more robust loan book and key restructuring to support customers during the pandemic.

Commenting on the bank’s performance for 2020 and plans for 2021, the Chief Executive Officer, Mr. Emeka Okonkwo, said: “In 2020, despite the headwinds caused by the pandemic, Union Bank delivered a strong performance that has enabled the board of directors to propose a dividend payment for the second consecutive year. This indicates resilience and affirms the strong foundation that was rebuilt over the past eight years.”

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