Shareholders of Union Bank of Nigeria (UBN) Plc have approved the Group’s 2019 annual accounts as well as the recommended dividend of twenty-five (25) Kobo per N0.50 ordinary share during the Bank’s first-ever virtual Annual General Meeting (AGM) which held yesterday in Lagos.
Addressing shareholders during the AGM, the Bank highlighted some of its key achievements in 2019, including – the launch of alpher, the Bank’s proposition for women; the introduction of digital loan offerings; the issuance of a fully subscribed Tier-2, N30 billion bond and; the Board’s recommendation of a dividend payment to its shareholders owing to the Bank’s overall strong performance.
In a statement, the Board Chairmain, UBN, Beatrice Hamza Bassey said the bank remained committed to delivering high-quality earnings to its shareholders despite the 2019 challenging environment.
Major highlights of the Bank’s financial performance in 2019 show that profit before tax (PBT) grew by 33 per cent to N24.7 billion from N18.7 billion in 2018. Gross earnings grew by 14 per cent to N159.9 billion from N140.1 billion in 2018.
Customer deposits also increased by 5 per cent to N886.3 billion compared to N844.4 billion in 2018, reflecting the strength of the brand in a very competitive environment for deposits.
Commenting on the Bank’s performance for 2019 and plans for 2020, the Chief Executive Officer, Emeka Emuwa said, “In 2019, we continued to emphasise revenue productivity and efficiency across all facets of our business. We were focused on further leveraging the platform (people, technology, brand and infrastructure) we have steadily built over the years to drive sustainable growth in earnings and profitability. Our efforts yielded positive results as we witnessed major feats across all our priority areas.
We remain committed to delivering improved profitability and higher returns in 2020 and beyond. Returning value to our shareholders has been at the core of Union Bank’s transformation and continuous drive to become a leading financial institution in Nigeria. Notwithstanding the tough operating environment, we remain focused on our strategy and ambition as we strive towards achieving our ambition to be Nigeria’s most reliable and trusted banking partner”
Other business conducted during the AGM included the election and re-election of Directors and members of the Statutory Audit Committee by the shareholders; the appointment of Messrs. Ernst and Young as the External Auditor; and the authorisation of the Directors to fix the remuneration of the Auditor.