Shareholders of Union Bank of Nigeria Plc have praised the bank’s management for its successful debt recovery efforts, which led to a significant reduction in the Non-Performing Loan (NPL) ratio. The NPL ratio fell from 20.8 percent in 2017 to 8.1 percent for the financial year ended December 31, 2018, marking a key achievement for the bank.

The commendation came during the bank’s 50th Annual General Meeting (AGM), held in Lagos, where shareholders also approved the Group’s 2018 annual accounts as presented by the Chairman of the Board, Cyril Odu. During his address, Odu highlighted several of the bank’s accomplishments in 2018, including strengthening its retail and transaction banking services, launching the first Local Letter of Credit to support domestic trade, and the issuance of a ₦13.5 billion bond. Additionally, Union Bank became the first bank in Nigeria to implement Robotic Process Automation (RPA) technology.

In terms of financial performance, the Group’s profit before tax saw a 33 percent increase, rising to ₦18.5 billion from ₦13.9 billion in 2017. Customer deposits also grew by seven percent, reaching ₦857.6 billion compared to ₦802.4 billion in 2017, reflecting a steady increase in consumer confidence in the brand since 2016. Moreover, the bank’s Return on Tangible Equity (ROTE) improved from 6.2 percent in 2017 to 9.6 percent in 2018, signaling enhanced long-term shareholder value.

Odu emphasized the bank’s commitment to future growth, stating, “Union Bank is positioned to capitalize on emerging opportunities in the economy, and we are optimistic about the future.” He outlined the bank’s strategic objectives for 2019-2021, which include optimizing existing assets, increasing digitization, and preparing for the future. The bank’s focus, he noted, will be on disciplined cost management and leveraging synergies across its business segments to improve profitability and deliver value to shareholders, customers, and employees alike.

In addition to reviewing the bank’s performance, the AGM included the election and re-election of Directors, the appointment of members to the Statutory Audit Committee, and the authorization of Directors to set the remuneration of the Auditor.