Union Bank of Nigeria Plc’s profit before tax rose by 33 per cent to N18.5bn in 2018 financial period from N13.9bn in the corresponding period of 2017.
The Chairman of the Board, Cyril Odu, disclosed this during the group’s 50th Annual General Meeting in Lagos.
Odu also said customer deposits went up by seven per cent to N857.6bn compared to N802.4bn in 2017, continuing its upward trajectory since 2016; an indication of consumers’ growing confidence in the brand.
As a result of aggressive focus on recoveries, he said the bank’s non-performing loan ratio declined to 8.1 per cent in December 2018 from 20.8 per cent as at December 2017.
He said, the return on tangible equity improved to 9.6 per cent from 6.2 per cent in 2017, demonstrating long-term shareholder value enhancement.
The chairman noted some major achievements of the bank in 2018 included: strengthening retail and transaction banking offerings and the launch of the first local letter of credit to support local trade; the launch of the inaugural N13.5bn bond issue, and the adoption of the Robotic Process Automation technology.
Odu said, “We have positioned Union Bank to take advantage of the emerging opportunities in the economy and remain optimistic about the future of the bank.
“We will execute our 2019-2021 strategic objectives – sweating our assets, digitising our bank, and positioning for the future – towards being Nigeria’s most reliable and trusted banking partner.
“We will focus on embedding disciplined cost management as well as mining synergies across business segments and functions to improve the profitability of our business and deliver value to all our stakeholders – shareholders, customers, business partners’ and employees.”
Tthe Chief Executive Officer, Emeka Emuwa, said, “In 2019, we will double-down on our productivity efforts to deliver our financial targets. We are harnessing synergies across our business segments to ensure we maximise opportunities across entire value chains, while centralising key business and operational functions for better efficiency, and prioritising customer experience across all our touchpoints.”