Shareholders of Union Bank of Nigeria Plc at the bank’s first virtual Annual General Meeting held on Tuesday approved 25 kobo dividend recommended by the Board of Directors.
Shareholders’ attendance at the AGM was by proxy, in keeping with physical distancing measures put in place due to the global COVID-19 pandemic.
The proceedings of the meeting were streamed live online for the benefit of all the bank’s shareholders.
The bank highlighted some of its key achievements in 2019, such as the launch of alpher; the bank’s proposition for women; the introduction of digital loan offerings; the issuance of a fully subscribed Tier-2, N30bn 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 Chair, Mrs Beatrice Bassey said, “I am pleased to inform our shareholders that we have recommended a dividend payment for the first time in over a decade.”
Shareholders at the AGM approved the recommended dividend of twenty-five Kobo per N0.50 ordinary share, while applauding the bank’s strong performance and focus on shareholder value enhancement.
Major highlights of the financial performance in 2019 showed that profit before tax grew by 33 per cent to N24.7bn from N18.7bn in 2018.
Its gross earnings grew by 14 per cent to N159.9bn from N140.1bn in 2018. Customer deposits also increased by five per cent to N 886.3bn compared to N844.4bn in 2018, reflecting the strength of the brand in a very competitive environment for deposits.
Its Chief Executive Officer, Emeka Emuwa said, “In 2019, we continued to emphasise revenue productivity and efficiency across all facets of our business.”
“Nigerians with FirstBank cards used them 105 million times to make payments or withdrawals worth about N1.18tn as they relied on us to settle their banking needs. Our customers made transfers over 106 million times with a total value of about N8.18tn across our digital channels.
“During this period, our 53,000 plus agents have processed over N512bn worth of transactions.”
Shareholders’ attendance at the AGM was by proxy, in keeping with physical distancing measures put in place due to the global COVID-19 pandemic.
The proceedings of the meeting were streamed live online for the benefit of all the bank’s shareholders.
The bank highlighted some of its key achievements in 2019, such as the launch of alpher; the bank’s proposition for women; the introduction of digital loan offerings; the issuance of a fully subscribed Tier-2, N30bn 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 Chair, Mrs Beatrice Bassey said, “I am pleased to inform our shareholders that we have recommended a dividend payment for the first time in over a decade.”
Shareholders at the AGM approved the recommended dividend of twenty-five Kobo per N0.50 ordinary share, while applauding the bank’s strong performance and focus on shareholder value enhancement.
Major highlights of the financial performance in 2019 showed that profit before tax grew by 33 per cent to N24.7bn from N18.7bn in 2018.
Its gross earnings grew by 14 per cent to N159.9bn from N140.1bn in 2018. Customer deposits also increased by five per cent to N 886.3bn compared to N844.4bn in 2018, reflecting the strength of the brand in a very competitive environment for deposits.
Its Chief Executive Officer, Emeka Emuwa said, “In 2019, we continued to emphasise revenue productivity and efficiency across all facets of our business.”
“Nigerians with FirstBank cards used them 105 million times to make payments or withdrawals worth about N1.18tn as they relied on us to settle their banking needs. Our customers made transfers over 106 million times with a total value of about N8.18tn across our digital channels.
“During this period, our 53,000 plus agents have processed over N512bn worth of transactions.”
