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Union Bank declares 25 kobo Dividend for 2020

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Union Bank Wins Global Finance Award for Best SME Bank in Nigeria

 

Union Bank of Nigeria has declared 25 kobo per share dividend with the release of its audited financial statements for the year ended 31st December 2020.

It said its results for the period show sustained growth in key income lines and significantly improved fundamentals, notwithstanding a constrained operating environment largely due to the impact of the Covid-19 pandemic.

The bank in a statement said investments in technology and building a progressive work culture over the past eight years, enabled a swift response to the pandemic that allowed its workforce transition to remote working while maintaining the productivity required to deliver strong set of results in 2020.

Commenting on the results, outgoing CEO Emeka Emuwa, said: “The Bank has delivered a strong set of results notwithstanding the impact of COVID-19 on our operations and the wider economy, enabling the Board of Directors to continue to return value to shareholders with a proposed dividend payment for the second year in a row. This demonstrates the strong foundations we have built, as we continue to deliver against our target of becoming a leading financial institution in Nigeria.

READ: Emuwa makes way for Okonkwo as Union Bank CEO

“For the full year, we grew across key income lines. Net income after impairments grew 8.3% from ₦95.5bn to ₦103.4bn and translated into 2.8% growth in Profit Before Tax to ₦25.4bn from ₦24.7bn.

“The core of this performance is driven by the growth in our loan book, with 23.8% increase in gross loans, to ₦736.7bn from ₦595.3bn in 2019.

“In 2021, the Bank will focus on enhancing revenues and shareholder value by revving up customer acquisition, engagement and transactions through seamless customer journeys and an optimized service delivery platform.

“As I retire following eight years of rebuilding and repositioning this storied institution, I am convinced that with the excellent management team and a clear strategy in place, Union Bank is well positioned to continue to compete and deliver value to its shareholders.”

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