Union Bank holds 49th Annual General Meeting

Union Bank holds 49th Annual General Meeting
June 5, 2018 Parklins

Lagos, Nigeria: Union Bank, one of Nigeria’s longest standing and most respected financial institutions has reported a profit before tax (PBT) of N15.5 billion on gross earnings of ₦163.8 billion for the financial year ended December 31, 2017.

The Chairman of the Bank, Cyril Odu presented the Group’s report to shareholders at the 49th Annual General Meeting which held in Abuja on June 5, 2018.

Other highlights of the bank’s financial performance in 2017 show that interest income grew by 25% to ₦124.5 billion from ₦99.7 billion in 2016, as a result of the impact of naira devaluation on the foreign currency denominated loan book, government securities yields and loan book re-pricing. Non-interest revenue also moved up by 31% to ₦39.3 billon from ₦29.9 billion in 2016, driven by improved fee and commission income, trading income and a more effective debt recovery machine.

Operating expenses increased by 5% to ₦65.1 billion from ₦62.0 billion in 2016 due to inflationary pressures and the impact of devaluation on technology and network investments

Gross loans grew by 5% to ₦560.7 billion compared to ₦535.8 billion in 2016, while customer deposits rose by 22% to ₦802.4 billion (from ₦658.4 billion in 2016) continuing its upward trajectory since 2016. The growth was led by investments in customer-led products, recently upgraded alternate channels, along with a strengthened brand.

Key Operational Highlights:

  • 90% increase in new-to-bank accounts (vs. 2016) driving customer deposits up by 22%
  • Newly launched suite of digital channels drove active subscriber numbers up by over 100% across channels
  • Launched the award-winning “Uncle Thomas” campaign to support launch of digital platforms and the brand
  • Local and international recognition with awards for:


  • 2017 Corporate Communications Awards (CCA) – “Best Rebrand”
  • 2017 Jobberman Best 100 Places to Work in Nigeria – Ranked 4th Best Company to Work for in Nigeria (up from 9th in 2016)
  • 2017 Marketing World Awards – “Brand Evolution of the Year” and “Iconic Brand of the Year”


  • 2017 CBN/NIBSS e-Payment Efficiency Awards – “Most Efficient Bank on e-Reference Operations”
  • 2017 International Finance Magazine Awards – “Fastest Growing Retail Bank in Nigeria”


Speaking on the Group’s results for the year, Chief Executive Officer, Emeka Emuwa said:

“Strengthening our capital base through the Rights Issue was key for the Bank in 2017. Notwithstanding the challenges a tightened economy presented, the rights issue was 20% oversubscribed. This overwhelming success is credited to strong shareholder and investor confidence in Union Bank’s immediate and longer-term plans. With sufficient capital buffers, we are now in pole position to execute our growth agenda from 2018 onwards.

Operationally, we continued to focus on growing our retail customer base and optimising customer experience with simpler, smarter banking solutions. We launched an upgraded suite of digital channels including UnionMobile, UnionOnline and our unique USSD banking code *826#, driving an increase in active subscribers above 100% on the mobile app and online banking platforms. Union Bank’s alternative banking platform remains the fastest growing in the industry.  We continue to attract broad segments of new customers, adding 90% more new-to bank customers in 2017 compared to 2016.

Notwithstanding a fiercely competitive environment and reduced consumer purchasing power in the system, our new-to bank customers and deepening share of wallet with existing customers have driven customer deposits up by 22% to ₦802 billion. Consequently, gross earnings are up by 26% to N164 billion. 

For 2018, our focus is on leveraging our capital and investments in talent and technology to accelerate growth across all business segments and improve enterprise value for all our stakeholders.”

As Union Bank launches into its second century of existence armed with a strengthened capital base to support business growth and maintain regulatory capital requirements, it is poised to remain one of Nigeria’s most trusted financial institutions.



Note to editors:

About Union Bank Plc.

Established in 1917 and listed on the Nigerian Stock Exchange in 1971, Union Bank of Nigeria Plc. is a household name and one of Nigeria’s long-standing and most respected financial institutions. The Bank is a trusted and recognizable brand, with an extensive network of over 300 branches across Nigeria.

In late 2012, a new Board of Directors and Executive Management team were appointed to Union Bank and in 2014 the Bank began executing a transformation programme to re-establish it as a highly respected provider of quality financial services.

The Bank currently offers a variety of banking services to both individual and corporate clients including current, savings and deposit account services, funds transfer, foreign currency domiciliation, loans, overdrafts, equipment leasing and trade finance. The Bank also offers its customers convenient electronic banking channels and products including Online Banking, Mobile Banking, Debit Cards, ATMs and POS Systems.

More information can be found at:  www.unionbankng.com

Media Enquiries: Email investorrelations@unionbankng.com



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