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Shareholders Ok Union Bank’s 25 kobo dividend

The shareholders of Union Bank of Nigeria Plc have approved the recommended dividend of 25 kobo per 50 kobo ordinary share for the 2020 financial period.

A statement on Tuesday titled ‘Union Bank holds 52nd annual general meeting’ said this was disclosed at the annual general meeting of the bank.

“Shareholders at the AGM approved the recommended dividend of25 kobo per 50 kobo ordinary share, while applauding the bank’s resilience in these times, and its focus on sustaining shareholder value,” it said.

While highlighting the key achievements of the bank in 2020, the Chairman, Mrs Beatrice Bassey, said the lender continued to focus on digital innovation for high-quality service delivery across touch points.

He also noted the bank’s multipronged approach to supporting the fight against COVID-19, and the prompt pivot to remote work for over 70 per cent of employees at the height of the pandemic, owing to strategic investments in digital technologies prior to the pandemic.

She said, “Our commitment to delivering high quality earnings remains unwavering. I am pleased to announce that the bank delivered a resilient set of results in 2020 notwithstanding the challenging macroeconomic operating environment.

“Our overall performance demonstrates our resilience and ability to adapt to the constantly changing business environment to maximise shareholder returns.

We remain committed to delivering value to our shareholders as we continue to drive growth and profitability of our business.”

The statement said that major highlights of the bank’s financial performance in 2020 showed that profit before tax grew by 2.8 per cent to N25.4bn from N24.7bn in 2019.

It added, “Customer deposits also increased by 27.6 per cent to N1.13tn compared to N886.3bn in 2019, reflecting the bank’s agility in delivering a compelling range of products to its customers during the pandemic, and increased adoption of digital channels.

“In addition, non-performing loans ratio reduced to four per cent from 5.8 per cent in 2019, driven by a disciplined recoveries strategy, a more robust loan book and key restructurings to support customers during the pandemic.”

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