Union Bank says focus is on emerging opportunities

Union Bank
Union Bank

Union Bank says focus is on emerging opportunities – Union Bank of Nigeria (UBN) Plc has aligned its focus to harnessing emerging opportunities during and after this COVID-19 pandemic.

Against the background of double-digit growths in key performance indicators in the first quarter of 2020, the management of the bank stated that it would leverage its enhanced digital platform and focus on emerging opportunities to mitigate the impact of the pandemic on its operations.

Chief Executive Officer, Union Bank of Nigeria (UBN) Plc, Mr. Emeka Emuwa, said the pandemic presents daunting challenges for the global economy and consequently Nigeria and UBN’s business.

He said the bank has reinforced its digital platforms to continue delivering value and convenience to its customers while aligning focus areas to where opportunities emerge during and after the pandemic.

According to him, the bank’s focus in the short term is on ensuring business continuity through its strong operational risk framework while ensuring the health and well-being of its employees by adopting stringent health and safety protocols at its operating branches and offices.

He assured that the bank would continue to support its customers as well as government, other private entities and communities in the fight against COVID-19.

He pointed out that the bank had maintained focus on executing its strategic priorities in first quarter of the year, which led to sustained growth across all its major income lines.

Key extracts of the interim report and accounts of UBN for the three-month period ended March 31, 2020 showed that gross earnings rose by 18 per cent to N42.6 billion in first quarter 2020 as against N36.1 billion in first quarter 2019. Interest income had grown by 18 per cent from N25.2 billion to N29.7 billion. Net interest income before impairment increased by 38 per cent to N14.8 billion as against N10.8 billion in comparable period of 2019. Profit before tax grew by 19 per cent to N6.2 billion in first quarter 2020 as against N5.2 billion in first quarter 2019.

Union Bank
Union Bank says focus is on emerging opportunities

After more than a decade without dividend payment, UBN recently distributed N7.3 billion to its shareholders as cash dividend for the 2019 business year, implying a dividend per share of 25 kobo.

The dividend was a major highlight of considerable improvements in the commercial bank’s top-line and bottom-line in 2019. Key extracts of the audited report and accounts of the bank for the year ended December 31, 2019 indicated that gross earnings grew by 14 per cent from N140.1 billion in 2018 to N159.9 billion in 2019. Interest income had grown by 11 per cent from N104.8 billion to N116.5 billion. Non-interest income also rose by 23 per cent from N35.3 billion to N43.3 billion.

The report further showed that operating expenses declined marginally from N71 billion to N70.8 billion. Net operating income increased from N89.7 billion to N95.5 billion. Profit before tax grew by 33 per cent from N18.7 billion to N24.7 billion. Profit after tax also rose by 32 per cent from N18.4 billion to N24.4 billion.

The balance sheet also emerged stronger. Gross loans rose by 20 per cent from N496.8 billion in 2018 to N595.3 billion. Customer deposits increased by 5.0 per cent to N886.3 billion in 2019 as against N844.4 billion in 2018.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Financial Watch. Every investment and trading move involves risk. You should conduct your own research when making a decision.




About Sam Gabriel 1696 Articles
Samson Gabriel a graduate of mass communication from Auchi Polytechnic, he is a passionate writer with experience in radio scrip writing. He brings his experience from the broadcast media into play here as he continues to enjoy his passion as a journalist. He can be contacted via whats-app on: +234701105670

4 Comments

  1. LAVITA RICCA INTERNATIONAL INVESTMENT*
    ♦️♦️♦️♦️♦️♦️♦️
    ♦️♦️♦️♦️♦️♦️♦️
    *NO MORE EXCUSES*

    1. I don’t have money
    2. I can’t talk to people
    3. I don’t do stuff like this
    4. I’m too Busy

    Your excuses may be legit but they won’t improve your Life.

    • *Lavita Ricca Investment is Fully Registered with with FGN. with RC NO 1582489( For those Who Think Lavita Ricca is Not Registered)* *Contact Administrator Management Mrs. ELIZABETH TINA On *(09036369810)

    *Lavita Ricca Investment is a platform network that deal with investing of money just within 45 minutes you will get back your money double*

    ?phone=+2349036369810

    *Lavita Ricca PACKAGE’S*

    *N20,000====N40,000*
    *N40,000====N80,000*
    *N50,000====N100,000*
    *N100,000====N200,000*
    *N200,000 ====N400,000*
    *N400,000====N800,000*
    *======== = = ========*

    *I know you are skeptical about this because of the negative experience a lot of issues as regards scamming in the MMM. I assure you 101% that you won’t lose your money this is because I know the risk of this profit oriented business and I know how to avoid them using my trading skills and signals to make only wins and no losses.*

    *Are u a worker?*

     *Are u a student looking for your school fees? Are u a woman looking for money to pay your children school fees?*

     *Are u jobless and u need where u can make source of income?*

     *Lavita Ricca Investment is here for you! With a little amount u can earn and make more more source of income without any problems*

     *Lavita Ricca Investment is a platform network that deal with investing of money just within 45mins you will get back your money double*
    *Thank you for your time you can click on the link below to get started, please only serious minded people are expected to message the administrator.🙏

  2. AUCTION AUCTION AUCTION!!!!
    NIGERIA CUSTOM SERVICE IMPOUNDED VEHICLES 2020 AUCTIONING IS CURRENTLY ON GOING NOW .
    IMPOUNDED VEHICLES & DIFFERENT TYPES OF GENERATORS, FOR SALE AT CHEAP AND AFFORDABLE AUCTION PRICE INTERESTED BUYER SHOULD KINDLY CONTACT OR WATSAPP ME ON (07043069364) BAGS OF RICE AND VEGETABLE OIL FOR SALE IN A CHEAP and AFFORDABLE PRICE, BUYER SHOULD CONTACT me ON (07043069364) AVAILABLE VEHICLES AND THEIR AUCTION PRICES ARE:
    Toyota 4Runner #750,000
    Toyota Avalon #900,000
    Toyota Avensis #950,000
    Toyota Camry tiny light #450,000
    Toyota Camry muscle #850,000.
    Toyota Camry Big daddy #650,000
    Toyota Corolla #500,000.
    Toyota FJ Cruiser #2.M
    Toyota Hiace #1.5m
    Toyota Highlander #950,000
    Toyota Hilux #1.2m
    Toyota Matrix #600,000
    Toyota Prado #2m
    Toyota Rav4 #650,000
    Toyota Sequoia #950,000
    Toyota picnic #570,000
    Toyota Sienna #600,000
    Toyota Tacoma #2.7m.
    Toyota Tundra #2.5M.
    Toyota Venza #3.1M
    Toyota Yaris #900,000
    Volkswagen Golf 2,3,4 #250,000 /#450,000
    Volkswagen Passat #600,000.
    Volkswagen Touareg #600,000
    Acura MDX #1.3
    Acura TL #1M
    Acura ZDX #2M
    Audi A4 #500,000
    Audi A6 #650,000
    BMW 3-Series #650,000
    BMW 5-Series #980,000
    Ford Escape #600,000
    Ford Explorer #900,000
    Honda Baby Boy #500,000
    Honda Accord 03 EOD #860,000
    Honda Civic #500,000
    Honda Crosstour #1.1M
    Honda CR-V #750,000
    Hyundai Accent #950,000.
    Infiniti FX35 #1M
    Infiniti FX45 #1.2M
    Land Rover Discovery #3M
    Lexus ex 300 #800,000
    Lexus Rx330,#900,000
    Lexus Rx350,#1.4m
    Lexus Rx400, #2m
    RANG ROVER SPORT =#2.5M.
    Land Rover LR3 #950,000.
    MERCEDES BENZ DIFFERENT MODEL.
    NOTICE: THE PRICE OF THOSE VEHICLES DEPEND ON THEIR YEAR MODEL.
    ADDRESS =WE ARE LOCATED HERE AT OGUN STATE AT IDIROKO CUSTOM COMMAND BESIDES IKPOKIA LOCAL GOVERNMENT.THANKS FOR PATRONIZING WITH US.(NCS)
    .

  3. HELLO, GOOD DAY SIR/MA

    HAVE YOU HELD ABOUT LAVITA TRUST INVESTMENT…?

    LAVITA TRUST INVESTMENT is a matrix system which give you DOUBLE of your CAPITAL back in ( 45 Minutes ) after Registrations

    LAVITA PACKAGES
    N20,000——N40,000
    N40,000——N80,000
    N50,000——N100,000
    N100,000—–N200,000
    N150,000—–N350,000
    N300,000—–N600,000
    N200,000—–N400,000
    N400,000—–N800,000
    N500,000—–N1,000,000

    NOTE: we credit your account after 45mins of Your Registeration
    INTRODUCTION
    LAVITA TRUST Investment is a company duely registered under the Coporate Affairs Commission of Nigeria and certified fraud free to do business in Nigeria by the Economic Financial Crimes Commission (EFCC). This is a Nigerian network marketing company founded by Ifeanyi Alex Monye with it’s Head Quarter’s. The company takes pride in the fact that it stands out amongst other network marketing companies. It has the best compensation plan, affordable and effective services, systems that keeps her customers coming back for more. When you join this company, you get more than their outstanding services.

    09068834101

    ITS SIMPLE HERE!!!!!!!
    We trade with hard currency here like bit coin we make 3tripple of your donation and send you you two part and we benefit one part Example if you invest with 100k within 25mins we make profit of 300k then send 200k to you then profit 100k This is not mmm where they merge people to donate for each other
    You pay directly to us and we credit you directly

    Contact Mrs. FUMI BLESSING
    09068834101

    NOTE:- YOU GET CREDITED BACK IN LESS THAN 45 MINUTES.

    CHAT US-UP IF INTEREST FILL YOUR FORM AND START EARNING

    NOTE: You can finish reading this and decide not to take the necessary actions, but the next time you want to complain about not having money, just know that you are on your own problem.

  4. *GOOD DAY MA/SIR*

    Have you had about *LAVITA RICCA INVESTMENT* ? am not talking about MMM or Ponzi SCHEME
    lavita is a matrix system which give you DOUBLE of your CAPITAL back in (45 min) after registration

    LAVITA PACKAGES

    ₦10,000——–₦20,000❌❌❌
    ₦20,000——–₦40,000
    ₦40,000——–₦80,000
    ₦50,000——–₦100,000
    ₦100,000——₦200,000
    ₦200,000——₦400,000
    ₦400,000——₦800,000
    ₦800,000——₦1,600,000
    ₦1,000,000—₦2,000,000

    NOTE: we credit your account after 45min after registeration.

    INTRODUCTION
    Lavita Ricca International is a company duely registered under the Coporate Affairs Commission of Nigeria and certified fraud free to do business in Nigeria by the Economic Financial Crimes Commission (EFCC). This is a Nigerian network marketing company founded by Mr. Ifeanyi Alex Monye with it’s Head Quarter’s. The company takes pride in the fact that it stands out amongst other network marketing companies. It has the best compensation plan, affordable and effective services, systems that keeps her customers coming back for more. When you join this company, you get more than their outstanding services.

    CONTACT NAME:- ELIZABETH TINA

    HOT LINE:+2349036369810

    ITS SIMPLE HERE !!!!!!!
    We trade with hard currency here like bit coin we make 3tripple of your donation and send you you two part and we benefit one part Example if you invest with 20k within 45mins we make profit of 60k then send 40k to you then profit 20k. This is not mmm where they merge people to donate for each other
    You pay directly to us and we credit you directly.

    +2349036369810

    Note:you get credited in less than 45mins.

    CHAT US-UP IF INTEREST FILL YOUR FORM AND START EARNING

    NOTE: You can finish reading this and decide not to take the necessary actions, but the next time you want to complain about not having money, just know that you are on your own problem. 🙏 🙏 🙏

Leave a Reply

Your email address will not be published.


*