Union Bank Restates Commitment To Deliver Value To Shareholders

Union Bank Restates Commitment To Deliver Value To Shareholders

 

The Union Bank of Nigeria Plc yesterday restated its commitment to delivering value to shareholders as it continues to drive growth and profitability of its business.

The Chairman of Union Bank, Mrs. Beatrice Hamza-Bassey, stated this at the 52nd annual general meeting (AGM) held in Lagos.

“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,” she said.

According to her, major highlights of the financial performance in 2020 show that profit before tax grew by 2.8 per cent to N25.4 billion, from N24.7 billion in 2019. Customer deposits also increased by 27.6 per cent to N1.131 trillion compared to N886.3 billion in 2019, reflecting the bank’s agility in delivering a compelling range of products to its customers during the pandemic, and increased adoption of digital channels.

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 continued to deliver a strong performance that has enabled the Board of Directors 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.

As we begin a new chapter, we will continue the journey to becoming a leading financial institution in Nigeria. Sustaining value to our shareholders remains at the core of our continuous drive and we remain committed to delivering improved profitability and higher returns in 2021 and beyond.

Shareholders at the AGM approved the recommended dividend of 25 Kobo per 50 Kobo ordinary share, while applauding the bank’s resilience in these times, and its focus on sustaining shareholder value.

Meanwhile, the stock market opened trading for the week on a negative note as the Nigerian Exchange Limited (NGX) All-Share Index (ASI) shed 0.08 per cent to close at 39,801.78, while market capitalisation shed N17 billion to N20.8 trillion.

However, the volume and value traded rose 30 per cent and 49.7 per cent to 426.5 million shares and N4.7 billion respectively. The most traded stocks by volume were FBN Holdings Plc (79.6 million shares), Access Bank Plc (64.8 million shares) and Zenith Bank Plc (58 million shares).