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Tag: Union Bank

  • First Bank, Union Bank, Lafarge record N120b profit in 9 months

    First Bank, Union Bank, Lafarge record N120b profit in 9 months

    CBN Holdings Plc, the holding company for First Bank of Nigeria (FBN) Limited and its former subsidiaries, has announced a pre-tax profit of about N74 billion for the third quarter, showing its first strong growth momentum in recent period.

    Also, Union Bank of Nigeria (UBN) Plc grew its pre-tax profit by 22 per cent to N8.3 billion.

    Lafarge Africa Plc recorded pre-tax profit of N38.09 billion during the nine-month period.

    Key extracts of the nine-month report of FBN Holdings for the period ended September 30, 2014 showed improvements in the bank’s top-line and pre-tax profit, although net profit remained suppressed by higher tax provisions.

    Group profit before tax rose to N73.75 billion in third quarter 2014 as against N70.07 billion recorded in comparable period of 2013. The bottom-line performance was driven by appreciable improvement in the top-line. The group’s core commercial banking activities picked up considerably during the period with interest income rising from N239.16 billion in September 2013 to N255.72 billion by September 2014. Net interest income rose to N176.49 billion in 2014 as against N172.43 billion in 2013.

    Further analysis of the top-line showed growths across the segments. Fees and commissions incomes rose from N44.05 billion to N51.22 billion while foreign exchange income increased from N5.05 billion to N17.16 billion.

    With 65 per cent increase in income tax expenses from N10.99 billion to N18.12 billion, net profit after tax was slightly depressed at N55.63 billion in September 2014 compared with N59.09 billion recorded in corresponding period of 2013.

    The group’s balance sheet size built up to N4.19 trillion in September 2014 compared with N3.87 trillion recorded as total assets in December 2013. Shareholders’ funds also rose from its 2013 year-end position of N471.78 billion to close September 2014 at N493.67 billion.

    In the same vein, Union Bank of Nigeria recorded gross earnings of N74.8 billion in third quarter 2014 as against N79.9 billion in comparable period of 2013. Profit before tax rose from N6.8 billion to N8.3 billion while profit after tax increased from N7.6 billion to N8.1 billion.

    Group managing director, Union Bank of Nigeria, Mr. Emeka Emuwa said the third quarter activities were focused on continuing and consolidating the bank’s transformation efforts to ensure it maintains strategic focus in key areas and deliver operating results according to plan.

  • Union bank gets PCI DSS certification

    Union bank gets PCI DSS certification

    UNION Bank of Nigeria Plc is now certified with the Payment Card Industry Data Security Standard (PCI DSS). PCI DSS is a global security standard for protecting card data, created by leading card companies Visa, MasterCard, American Express, Discover and JCB.

    The Bank was presented with the certificate after undergoing a rigorous successful audit of its operations which was conducted by PCI DSS Qualified Security Assessor – Panacea InfoSec in conjunction with their local partner – Digital Encode.

    This certification gives the bank the added incentive to offer its customers improved data security to protect them from card fraud, identity theft, insider threats, cybercrime, hacking and other security vulnerabilities.

    Commenting on this achievement, the Head Corporate Affairs/Corporate Communications at Union Bank, Ogochukwu Ekezie-Ekaidem said “our top priority is security and protection of customer data, as well as compliance. This certification is further proof of our commitment to provide quality service to our customers and we are proud to be compliant with PCI DSS’s stringent security requirements.”

    Beyond the PCI DSS certification, and as it seeks to reclaim its leadership position in the banking industry, Union Bank has also reinforced its overall security system through a Security Operation Centre (SOC). This will further guarantee that customers can conduct online transactions on more secure platforms and without any apprehensions.

  • Union Bank backs capacity building for journalists

    Union Bank backs capacity building for journalists

    Union Bank of Nigeria Plc has in partnership with Businessday Training Division trained financials journalists on the road map to adopting the International Financial Reporting Standards (IFRS) by the government.

    Speaking at the opening session of the training, the bank’s Head of Corporate Affairs and Corporate Communication, Ogochukwu Ekezie-Ekaidem, said the lender is excited in co-sponsoring the workshop because it considers financial reporting as critical for stakeholders to understand so that they would be guided in taking informed decision.

    She said the lender will continue to support and promote excellence and professionalism in journalistic practice in the country.

    The one day training workshop which held in Lagos had selected financial journalists drawn from print and electronic media. It was meant to equip the participants with knowledge of the IFRS requirements, so they could report accurately details about companies‘ financials as stipulated by law.

    The participants were guided by professional accountants on the new standards and format of the IFRS, required to be adopted by all companies operating in Nigeria.

    These areas include property, plant and equipment, inventory, revenue, employee benefits, extractive industries, as wells as the tax implication of the IFRS conversion, among other issues.

  • Union Bank retains Agric Bank Award

    Union Bank retains Agric Bank Award

    Union Bank of Nigeria Plc has again been awarded the Best Support Bank in the Agricultural Credit Guarantee Scheme (ACGSF) for the eighth consecutive year by the Central Bank of Nigeria (CBN).

    The award is presented to a bank which has demonstrated the highest level of support for the scheme.

    Similarly, three customers of Union Bank won the apex bank’s National Awards in three categories namely: Sion Economic Allianz, Asaba won the Best Arable Farmer; Prof Vincent Iyawe from Benin won the award for Best Tree Crop award; while Arac Group Farmers’ Co-operative, Port Harcourt won the award in Fishery.

    Union Bank’s Group Managing Director, Mr. Emeka Emuwa, received the award from President Goodluck Jonathan at Abuja.

    He said: “Union Bank remains committed to agriculture financing to drive growth and development in the sector, and to also facilitate economic empowerment for small scale farmers.”

    Union Bank has been involved in ACGSF since 1977 and has disbursed more than N4.2 billion in loans to more than 14,700 beneficiaries.

    This represents 77.62 per cent and 74.65 per cent of the total amount and number of loans granted by all commercial banks under the scheme as at December, last year.

    “Equally significant is the highly impressive loan recovery rate during the year, a record that is attributed to their formidable loan recovery strategies and professional support given to farmers. The bank, no doubt, has made enormous strides in its bid to transform the agricultural sector through adequate credit purveyance under the ACGSF as well as the rendition of technical support to the farming community”, the CBN said  in the citation on Union Bank.

    Last year, Union Bank set N10 billion as the new yearly disbursement limit. It is expected to run through each year and would cover different crops, ecology and farming seasons.

    The ceremony was the highlight of the Eighth Annual Micro, Small and Medium Enterprises (MSMEs) Finance Conference and Entrepreneurship Awards held at Sheraton Hotel and Towers, Abuja.

    The event also witnessed the kick off of the disbursement of N220 billion Micro Small and Medium Enterprises (MSME) Development Fund and award prizes to state governments and banks by President Goodluck Jonathan.

  • Our transformation yielding results, says Union Bank

    Our transformation yielding results, says Union Bank

    The management of Union Bank of Nigeria (UBN) Plc has assured that the transformation of the bank is on course and yielding good results.

    Against the background of modest decline in performance in the first half, the bank said its underlying performance has remained strong as it continues to implement key elements of its transformation programme.

    Group Managing Director, Emeka Emuwa, said the bank has continued the implementation of it’s transformation initiatives, which he stressed, have been delivering results.

    He said the bank has continued to invest heavily in its technology infrastructure to enhance operations and customer service delivery as all branch links have been upgraded to fibre optic connections.

    “The bank also continues to invest in people, hiring into key strategic senior roles. Notwithstanding the significant investments made in these areas, Union Bank maintained strong underlying performance and sustainable profitability. We remain focused on our long term strategic priority of ensuring banking becomes simpler for all our clients, whether retail, corporate or commercial,” Emuwa said.

    The Chief Financial Officer, Union Bank of Nigeria (UBN) Plc, Oyinkan Adewale, noted that the bank’s loan book has continued to grow, as it focuses on driving business in key sectors of the economy, including oil and gas and manufacturing.

    “Loans are up 55 per cent compared to same period for June 2013. The bank has so far successfully completed the sale of four subsidiaries, with two other divestments almost completed, in compliance with CBN’s Regulation 3 and in line with the strategy to focus on core banking activities. The bank is aggressively focused on recoveries, with N3.5 billion recovered in the first half of 2014 versus N1.5 billion for the same period in 2013,” she said.

    Union Bank of Nigeria (UBN) Plc witnessed modest declines in incomes and profit during the first half. Gross earnings dropped to N49.6 billion in first half 2014 as against N56.2 billion in comparable period of 2013. Interest income had declined from N41.2 billion to N36.6 billion while net interest income dropped from N29.7 billion to N25.1 billion.

    Net operating income stood at N36 billion as against N39.5 billion while profit before tax dropped from N9.8 billion to N6.5 billion. Profit after tax stood at N6.3 billion in first half 2014 as against N9.4 billion in first half 2013.

    Meanwhile, loans and advances to customers increased by 47 per cent to N261.1 billion as against N177.7 billion in December 2013. Customer deposits stood at N480.8 billion compared with N482.7 billion by December 2013 while Total assets dropped from N1.003 trillion by December 2013 to N979.7 billion by June, this year.

  • Islanders seek vengance against Union Bank

    Islanders seek vengance against Union Bank

    Action resumes today in Atlantic Conference Week 13 matches of the ongoing DStv Basketball League with Lagos Islanders seeking vengeance against city rivals and table-toppers, Union Bank.

    Seyi Ayodeji, Islanders’ most capped player and the team’s assistant coach, told the News Agency of Nigeria(NAN) that they were prepared to beat Union Bank in the encounter.

    “We are ready to defeat Union Bank; we know their capabilities and we accept that they are a great team, nevertheless, we are prepared to beat them. We are determined to do this because it will determine our chances of emerging the Atlantic Conference champions.

    “We have had a great season, and we want to wrap it up with the conference title and get ourselves motivated for the national final eight playoffs coming after,’’ Ayodeji said.

    Islanders had led the conference log for nine weeks before losing two straight games in their Weeks 10 and 11 matches and, thereafter, submitted the conference leadership to Union Bank.

    Seun Akinwunmi, Islanders Captain, told NAN that they would surprise their opponents because they were still basking in the euphoria of the 70-49 thrashing of the Kwara Falcons in their last match.

    “The match against Kwara Falcons helped us to get our momentum back; we beat them with 21 points, now the spirit in the Islanders’ camp is high.

    “We are now in good state of mind having got over the previous losses we suffered in the hands of Ibadan-based Oluyole Warriors and the Dodan Warriors of Lagos.

    “However, it is tough for me that I cannot be with them, though I am recuperating from the injury I had earlier in the season, but I have confidence in my team.’’

    Meanwhile, Union Bank’s guard, Obum Onyia, has told NAN that his team would not be intimidated by their traditional rivals, adding that they had more fire power to beat the Islanders.

    “We are better than them; I agree they are a good team but we have more resources compared to our opponents. We have won seven straight games, which did not come easy; we are getting better everyday, and we will keep that record till we win the conference title.

    “With just two games to go, we have victories on our minds, and nothing less,’’ Onyia said.

    Another match in the conference that will live up to its billing is that between the Police Batons and Dodan Warriors both of Lagos.

    It will be an interesting encounter as both clubs will struggle to come out of the relegation zone.

    NAN reports that the Batons are in the same position they were last season, where they had a remarkable victory over DodanWarriors to escape relegation. Baton’s Coach, Dominic Dike, said a victory over the Warriors was possible, adding that the team had prepared well for the challenge.

    “We lost to Warriors with just five points in the first leg; we had it in our hands but lost concentration at the end of the match.

    “It was a regrettable loss; however, we hope not to make the same mistakes again when we face them on Friday (today),’’ Dominic said.

    The DStv matches begin by 2 p.m. and are played at the Indoor Sports Hall of the National Stadium, Lagos.

  • Security guard docked for attempting to use SIM pack as ATM card

    Security guard docked for attempting to use SIM pack as ATM card

    A 24-year-old security guard, Abass Alli, who allegedly attempted to  use a SIM pack in place of an ATM card, on Wednesday appeared before a Tinubu Magistrates’ Court in Lagos.

    Alli, of Ijegun Market, Ojota, is being tried on a charge of attempting to use a SIM pack in place of an ATM card.

    The Prosecutor, Sgt. Daniel Ighodalo, told the court that the offence was committed on May 13, at about 9.40 a.m., at Union Bank Headquarters, No. 36, Marina, Lagos Island.

    He alleged that the accused tried using a SIM pack to withdraw money from the ATM of a bank.

    “A Security guard on duty heard an unfamiliar sound coming from the ATM machine, before he noticed that the light of the ATM went off.

    “When he approached Alli and asked what was wrong, in order not to be caught, Alli quickly threw the SIM pack into a nearby gutter,” Ighodalo said.

    He explained that the offence contravene Section 404(2) of the Criminal Law of Lagos State, 2011.

    Alli pleaded not guilty.

  • Union Bank pays N11b restructuring costs

    Union Bank of Nigeria (UBN) Plc paid about N11 billion as restructuring costs in 2013, according to the audited report and accounts of the bank.

    The report underlined efforts to reposition the bank and key successes in the year. While the top-line recorded a modest increase of four per cent, the bank braced against decline in its core-banking interest income to increase pre and post tax profits by 31 per cent and 217 per cent respectively.

    Key extracts of the audited report and accounts for the year ended December 31, 2013 showed that group gross earnings closed 2013 at N121 billion as against N117 billion in 2012. Interest income however declined from N85 billion in 2012 to N81 billion in 2013. Net interest income also dropped from N63 billion in 2012 to N57 billion in 2013.

    Union Bank however reduced operating expenses by 18 per cent from N73 billion to N60 billion. With restructuring costs of N10.7 billion, the bank increased pre-tax profit to N3.8 billion in 2013 as against N2.9 billion in 2013. Profit after tax jumped from N1.2 billion to N3.8 billion.

    Group managing director, Union Bank of Nigeria (UBN) Plc, explained that the restructuring costs were due to a number of “critical internal and external restructuring initiatives” taken in 2013.

    According to him, the bank focused on two key priorities in 2013-immediately improving its operations by addressing critical challenges in service delivery to its clients; and developing a roadmap to establish the bank firmly as a leading player within the Nigerian banking industry.

     

  • Union Bank trains students on financial literacy

    Union Bank trains students on financial literacy

    Union Bank of Nigeria (UBN) Plc has chosen St. Mary Private School, Lagos, to promote its financial literacy project in the country. The development ensures that the bank provides a long-term financial literacy support to the school.

    The initiative would help in curbing financial recklessness among students. It would also prepare students for the future and teach them how to imbibe certain values, culture and behaviours, said Emeka Emuwa, Union Bank’s Group Managing Director and Chairman, Financial Literacy and Public Enlightenment Sub-Committee.

    Emuwa, during a visit to the school, said students would be better off with the training when given at a younger age.

    He said: “We are engaging them on savings, culture, entrepreneurship, financial habit and other aspects of financial education. This, we believe, will empower our young’s ones to make sound financial decisions in future thereby achieving our aspiration of financial inclusion in Nigeria. We at Union Bank see opportunities as this, where we are part of the process of educating our children and equipping them for the future, as a privilege.”

    Emuwa said educating children means enlightening the society, adding that children are good at passing information to people of various cadres.

    ”Based on this, a great number of people would be financially literate. Also, the financial inclusion strategy introduced by the Central Bank of Nigeria (CBN) would achieve its objective of making millions of people access financial services, ‘he added

    The School Supervisor, Rev. Sister Patricia Okwegba, commended the bank for choosing the school as one of the institutions through which it would promote financial literacy.

    Okwegba, who hoped the school is now better informed on financial inclusion, added that the training would help students to be financially prudent.

  • Union Bank not recapitalising, says GMD

    Union Bank of Nigeria (UBN) is not contemplating raising additional capital from the Nigerian Stock market, the Group Managing Director, Emeka Enuwa, has said.

    Emeka, who spoke yesterday in Lagos at an interactive media session, said the bank has about N170billion in its kitty, and has “absolutely no need to raise new capital, adding that the suggestion in some quarters that the bank would approach the capital market, or elsewhere to raise additional funds, was news to him. “This is the first time I’m hearing that Union Bank wants to recapitalise,” he stated.

    Enuwa explained that the focus of the bank at the moment it to focus on its core business area, adding that the step would necessitate selling-off non-banking units in compliance with Central Bank of Nigeria’s regulation.

    He said: “The divestment will see the sale of about nine units of the bank before the end of 2014.” He said the Board considered all options before it opted out of being a Holding company, adding that the decision to sell the non-core banking subsidiaries was in the best interest of the organisation.

    The affected subsidiaries include insurance, property, share registry and trustee businesses. “The restructuring will enable us focus on core banking and do more in our area of competitive advantage, which is commercial banking,” Emuwa said. Union Bank “has sufficient capital to fund its restructuring and expansion and will not be seeking further capital in the near to medium term,” he said.

    Enuwa said the bank has embarked upon a Transformation Programme, designed to re-establish the bank as one of Nigeria’s leading financial institutions, stating thatThe implementation of this transformation agenda began with a focus on a number of critical priority areas, including operations, information technology, risk management and human resources.

    In line with the Central Bank of Nigeria’s Regulation 3 on the scope of banking and ancillary matters, and the bank’s plan to focus its resources on core banking functions, Union Bank, in late 2013, commenced the process of divesting its interests in all its subsidiaries and associated companies, with the exception of Union Bank (IK) Limited.