Union Bank Plc has linked improved performance recorded in the financial year ended December 31, 2019, to increased revenue productivity and efficiency achieved across all business segments.
Specifically, the bank’s financial performance for the 2019 financial year showed that profit before tax grew by 33 per cent to ₦24.7billion from ₦18.7billion posted in the corresponding period in 2018, while gross earnings grew by 14 per cent to N159.9billion from N140.1billion in 2018.
The bank’s customer deposits also increased by five per cent to ₦886.3billion compared to ₦844.4billion in 2018, reflecting the strength of the brand in a very competitive environment for deposits.
Reviewing its performance at the 2019 yearly general meeting (virtual), in Lagos, on Tuesday, 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.”
He added: “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.”
Emuwa highlighted some of its bank’s key achievements in 2019 to include the launch of Alpher, the bank’s proposition for women; the introduction of digital loan offerings; the issuance of a fully-subscribed Tier-2, N30billion 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 Chairperson, Mrs. Beatrice Hamza Bassey, said: “On behalf of the board, I am pleased to inform our shareholders that we have recommended a dividend payment for the first time in over a decade. We remain committed to delivering high-quality earnings to our shareholders.