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Tag: Union Bank

  • Union Bank promotes  employees

    Union Bank promotes  employees

    Union Bank of Nigeria has announced the promotion of 337 employees across various departments. This significant milestone underscores the bank’s commitment to recognising and rewarding the hard work, dedication and outstanding contributions of its employees.

    At a recent town hall meeting, Managing Director,  Union Bank, Yetunde Oni, reaffirmed the bank’s commitment to fostering a culture of excellence and growth.

    She said these well-deserved promotions reflect this commitment and the bank’s continuous efforts to empower its workforce and drive organisational success.

    Speaking after the announcement, Oni said: “Today, we celebrate the achievements of our colleagues who have demonstrated exceptional performance, leadership and dedication to Union Bank’s core values.

    “The promoted employees have shown exemplary performance, contributing significantly to the success of their teams and the bank as a whole.

    “These promotions are not only a testament to their hard work but also a reflection of our belief in their potential to drive our Bank forward. At Union Bank, we understand that our people are our greatest asset. By investing in their growth and recognising their achievements, we are building a stronger, more dynamic organisation. We are excited to see how our promoted colleagues will continue to inspire and lead within the bank.”

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    She added that the recognition is part of Union Bank’s broader strategy to nurture talent, encourage professional development and ensure that employees are well-equipped to meet the evolving needs of customers and stakeholders.

    The MD/CEO reassured stakeholders that Union Bank remains committed to creating an inclusive and supportive work environment that promotes career advancement and personal growth.

    The bank will continue to implement initiatives aimed at developing talent, enhancing employee engagement and driving operational excellence, she said.    

  • FULL LIST: Newly appointed executives for Union, Keystone, Polaris banks

    FULL LIST: Newly appointed executives for Union, Keystone, Polaris banks

    The governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso has appointed new executives to oversee the affairs of Union, Keystone, and Polaris Banks.

    This is coming hours after the Central Bank of Nigeria dissolved the boards and managements of Union Bank of Nigeria, Keystone Bank and Polaris Bank over alleged corporate governance infractions and non-compliance with regulatory requirements.

    Announcing the new development in a statement issued by the acting director of Corporate Communication at the CBN, Sidi Ali Hakama, the newly appointed executives are set to assume their roles with immediate effect.

    Read Also: 10 things to know about new Union Bank CEO Yetunde Oni

    Here are the newly appointed executives for Union, Keystone, and Polaris Banks as announced by the CBN.

    Union Bank

    1. Yetunde Oni – Managing Director/Chief Executive Officer.

    2. Mannir Ubali Ringim – Executive Director.

    Keystone Bank

    1. Hassan Imam – Managing Director/Chief Executive Officer

    2. Chioma A. Mang – Executive Director

    Polaris Bank

    1. Lawal Mudathir Omokayode Akintola – Managing Director/Chief Executive Officer

    2. Chris Onyeka Ofikulu – Executive Director

  • Union Bank pledges access to capital for SMEs

    Union Bank pledges access to capital for SMEs

    Union Bank of Nigeria, has reiterated its commitment to providing easy access to capital for Small and Medium-sized Enterprises in the country to boost the growth and profitability of the sector.

    This assertion was made at the  ‘Top 100 Fastest Growing SMEs in Nigeria’ conference recently hosted by Business Day newspaper.

    The event, ‘Accelerating growth for SMEs in an era of uncertainty,’ brought together industry experts, small business owners, policymakers, and other stakeholders in the SME sector to evaluate and spotlight the activities of SMEs in Nigeria. 

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    The well-attended conference included different panel sessions with discussions centered on many issues related to the development of SMEs in Nigeria. 

    Speaking at the Raising Finance for SMEs panel, Gloria Omereonye, Area Business Executive, Union Bank, shared insights on how SMEs can be supported to access finance. 

    According to her: ”Access to timely and adequate capital is a major need for small businesses.

    Creating hassle-free, seamless, and technologically innovative processes for SMEs to receive loans is a big relief for businesses looking to develop and grow their enterprises quickly. At Union Bank, we are always keen to collaborate and support entrepreneurs looking to scale up their small ventures.”

    Union Bank is pleased to continue to associate with the Business Day 100 SME Conference, a platform that seeks to showcase the contributions of small and medium-sized enterprises crucial to developing the Nigerian economy.

  • Probe into $500m Union Bank acquisition widens

    Probe into $500m Union Bank acquisition widens

    • Special investigator invites ex-CBN deputy governor, others

    The dust over the probe of Central Bank of Nigeria (CBN) is yet to settle.

    Titan Trust Bank Chairman, Mr. Babatunde Lemo, and two others have been invited by the Special Investigator on CBN, Mr. Jim Osayande Obazee.

    The other invited shareholders are Mr. Cornelius Vink and Mr. Raul Savara.

    Lemo, who was CBN deputy governor between 2004 and 2014, is expected to appear with the shareholders for further grilling on Thursday.

    It was learnt that the big stick might be wielded should those invited fail to honour the invitation to enable the investigator to unravel other details on the $ 500 million acquisition of Union Bank by Titan Trust Bank (TTB).

    A conglomerate, the Tropical General Investment Group (TGI), on Sunday, said the USD500 million capital used to pay for the transaction was transparent and unimpeachable.

    TGI insisted that it is the majority owner of TTB and Union Banks.

    Obazee and his team of crack detectives alleged that their findings proved otherwise.

    In a report to President Bola Ahmed Tinubu, the Investigator alleged that the two banks were owned and bought by the proxies of the former CBN Governor, Mr. Godwin Emefiele, who has denied the claim.

    But attempts by the investigators to interact with the Chairman of TGI, Vink, since August have not succeeded.

    TGI said Vink, who has been in Nigeria since 1978, is an elderly person and has recently been medically advised to limit his movement.

    The Special Investigator insisted that since TGI assured his team that the two shareholders would “soon” honour the invitation, it was time for them to come for interaction.

    Read Also: Union Bank delists shares from stock market

    In a December 24 letter, the Special Investigator asked Lemo and the two others to appear before his team on Thursday.

    The letter, titled: RE: CBN INVESTIGATION ACTIVITIES INVITATION FOR A FOLLOW-UP MEETING WITH THE SPECIAL INVESTIGATOR, said Obazee has not heard from the two shareholders or received the requested documents from them.

    The letter was signed by the Head of Operations, Office of the Special Investigator, Eloho Okpoziakpo, a deputy commissioner of police (DCP).

    The letter, which was addressed to Lemo, reads in part: “Please refer to your discussion with the Special Investigator earlier today regarding the offensive defence that your good self-issued in Punch newspapers, on behalf of TTB which you chair, as well as the email you sent to the Special Investigator today wherein you tried to provide clarification on your reaction to the report on TTB.

    “The defence seems contrary to the statements, made under caution, by the persons connected with these transactions, including your good self, before the Special Investigator at the Department of State Service (DSS) in August.

    “In the said newspapers, you referred to both Cornelius Vink and Rahul Savara as ‘prominent global entrepreneurs and having thriving businesses in Nigeria.’

    “In your email as well as your earlier discussion with the Special Investigator, you suggested that both of them be invited to provide clarification on their share ownership and given seven days to make such clarification; failure which they will forfeit their shares to the Federal Government of Nigeria.

    “We are surprised at your request with regard to these two shareholders. They were given this opportunity via a letter to them dated 28th August 2023.

    “Instead of honouring the invitation and providing the requested documents, we received a letter from the Company Secretary of Union Bank, Somuyiwa Sonubi, dated 15 September 2023, informing the Special Investigator that Mr. Cornelius Vink was out of the country on medical grounds and that both ‘Messrs Vink and Savara will be available for the meeting as soon as they are in Nigeria which will be soon’.

    “Up until this offensive defence that you put in the public domain, the Special Investigator has neither heard from them nor received the requested documents.”

    Obazee said he and his team have decided to give a timeline for Lemo and others to come for interaction.

    The letter added: “Accordingly, you are hereby invited to come along with Messrs Cornelius Vink and Mr. Rahul Savara to meet with the team of Special Investigators by 2pm on 28th December 2023 without fail or excuse.

    “Please inform them to come along with all the documents /information requested from them by the letter to Mr. Cornelius Vink dated 28th August 2023.

    “You will also be required to make additional statements to your earlier statement on that day.”

    The Special Investigator said if Vink and Savara refused to honour the committee’s investigation, they may forfeit their shares in the Titan Trust Bank and Union Bank.

    The letter said: “Kindly note that if Messrs Cornelius Vink and Rahul Savara refuse to attend this meeting and provide/defend the requested documents /information, it will be construed that they have decided to forfeit the purported shareholdings in TTB and Union Bank of Nigeria, irrespective of which vehicle that they are using to own the purported shares.

    “Should you also refuse to attend the meeting to provide additional statement to your earlier statement made in August 2023, it will be construed that you misled the Nigerian public with your reaction in The Punch Newspapers today which has gained wide publicity in both electronic and print media.

    “This invitation is to further ensure that it is beyond reasonable doubt that the Federal Government of Nigeria has given you a fair hearing.”

    Earlier in a 28th August 2023 letter to Vink and the Managing Directors of Titan Trust Bank and the Union Bank, the Special Investigator made a seven-point demand from them.

    In the letter, signed by Dr.Ojogbe Rueben U, some of these requests included the documentation on the licensing of Titan Trust Bank, minutes of Board meetings and foreign exchange dealings transacted with the CBN.

    The August letter read in part: “The Federal Government of Nigeria is currently investigating some activities of the CBN and Related Entities as well as some key Government Business Entities (GBEs).

    “The investigation is led by a ‘Special Investigator’ appointed by the President, Federal Republic of Nigeria. They have since commenced the assignment.

    “To this end, kindly avail the Special Investigator with the under-listed documents/ information:

    “The details of the under-listed entities which should include company registration, ownership, shareholding structure, profile, particulars of directors and related entities:

    · Luxis International DMCC, Unit 1141, DMCC Business Centre, Level No. 1, Jewellry & Gemplex 3, Dubai, UAE (Magna).

    · Magna International DMCC, Unit 1024, DMCC Business Centre, Level No.1, Jewellry & Gemplex 3, Dubai, UAE Magna.

    “Further details of the said companies should include the documentation that led to the licensing of Titan Trust Bank and the acquisition of controlling shareholding of Union Bank of Nigeria by these entities, proof of funds, internationally verifiable bank statements (from the incorporation of the entities to date) and the shareholder that gave interest-free loans to the two entities separately (names, nationality, source of the fund, proof of such funds, bank statements as well as the relationship of the entities with Mr. Andrew Chukwudi Ojei, Jerome Olagunju Shogbon, Rahul Savara, Winston Odeh, Adaeze Udensi, Ekene Samuel Louis, Godwin Emefiele, Macombo Omoile, Tunde Lemo, Mudassir Amry, Faruk Gumel, Oluremi Oni, Vink Corporation Middle East FCZ (together with the details of the shareholder that also gave Vink Corporation interest-free loan) and your good self.”

    Other demands were:

    · Details of how Trust receipts (from Standard Chartered Bank), Zenith Nigeria Plc and Zenith Bank (UK) were involved in the entire arrangement.

    · Minutes of the Board meetings, copy of the audited financial statements and management letter that arose from the Audit of the financial statements of the two entities listed in (1) above as well as those of TTB and UBN from 2018 to date.

    · Details of any forbearance received from the CBN for UBN (before acquisition by TTB) and why. “Should you not know, please come along with anyone who knows about it (with evidence).”

    · Details of the loan capital from Afrexim Bank (Egypt), collaterals thereto and the involvement of the CBN in the entire arrangement.

    · Any Foreign Exchange dealings that transacted with the CBN as a retail or wholesale facilitator with TGI, TTB, UBN, Luxis, Magna and other related entities no matter how remotely connected.

    · Any other document(s) that can assist the Special investigator in arriving at an informed decision on the investigation of TTB, UBN, CBN and any person(s) of interest in the entire arrangement.

    “You are to come along with Mr. Rahul Savara (in person) along with the requested documents to the National Headquarters of the Department of State Services (DSS) in Abuja by 4pm on Friday, 1st September 2023 for interaction in connection with this investigation. Accept the assurances of the utmost regards of the Special Investigator.”

    The Investigator also showed that he gave the Union Bank of Nigeria ample time to prevail on Vink to appear before it.

    He said although the bank complained of a “short notice period,” it said “Messrs. Vink and Savara will be available for the meeting as soon as they are in Nigeria.”

    The bank’s response was contained in a September 1st, 2023 letter to the Special Investigator by the Company Secretary of the Union Bank of Nigeria, Mr. Somuyiwa Sonubi.

    It said due to Vink’s medical condition, he was unable to make the appointment as proposed.

    The letter was titled “CBN INVESTIGATION ACTIVITIES: INVITATION FOR A MEETING WITH THE SPECIA INVESTIGATOR.”

    The letter said: “We write in response to your letter dated 28″ August 2023 on the above subject matter and to submit the documents/information requested in printed and electronic formats for ease of your review and analysis.

    “Furthermore, and with all due respect to your office, we wish to inform you that Mr. Cornelius Vink is currently out of the country on medical grounds.

    “Given the short notice period in the said letter and Mr. Vink’s medical condition, he is unable to make the appointment as proposed and craves your indulgence in this regard.

    “Please find attached copies of Mr. Vink’s medical report for your kind review. Messrs. Vink and Savara will be available for the meeting as soon as they are in Nigeria which we hope will be soon.

    “Mr. Vink sends his sincere apologies in this regard, whilst assuring you of his commitment to support your mandate. Please accept the assurances of our highest regards.”

  • Union Bank wins Euromoney award

    Union Bank wins Euromoney award

    Union Bank of Nigeria has been named Nigeria’s most diversified and inclusive bank by Euromoney, a leading authority on banking and financial markets, in its 2023 Euromoney Awards for Excellence in Leadership.

    Chief Brand and Marketing Officer, Union Bank of Nigeria, Olufunmilola Aluko said the remarkable recognition underscores Union Bank’s unwavering commitment to fostering diversity, inclusion and empowerment, particularly for women and other underrepresented groups.

    According to Aluko, Union Bank’s initiatives, like alpher, designed to help women become the best versions of themselves through mentorship and sponsorship, and the UnionKorrect DaiDai savings product for marginalised groups in Northern Nigeria, highlight the bank’s dedicated mission to empower all its customers.

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    “We are deeply honoured to receive this award. At Union Bank, diversity and inclusion are fundamental to our success and the essential values we uphold. We are committed to creating a workplace where everyone is valued, respected, and offered the opportunity to achieve their full potential.

    “Our dedication to equal access to financial services is unwavering, as reflected in our wide range of inclusive financial solutions. This is why we take immense pride in being a bank that is truly for everyone,” Aluko said.

    Aluko assured that Union Bank remains resolute in its commitment to providing financial inclusion for all Nigerians, noting that the bank offers a range of products and services tailored to meet the diverse needs of all customers, regardless of their background or financial standing.

  • How we fared in sustainability, innovation, by Union Bank

    How we fared in sustainability, innovation, by Union Bank

    Union Bank of Nigeria, a financial service provider, has released its 2022 Citizenship, Sustainability, and Innovation (CSI) report, outlining the bank’s efforts across three pivotal areas – Citizenship, Sustainability, and Innovation.

    The 7th edition of the report, titled ‘Driving Inclusive Growth; Impacting Lives, Enabling Success,’ provides an extensive overview of Union Bank’s ongoing commitment to fostering a sustainable future. 

    It chronicles the bank’s dedication to embedding responsible business practices and making a positive difference in the lives of individuals and communities, and it offers an in-depth examination of the bank’s activities for the year in review, shedding light on its strategies, performance, and processes in the implementation of various projects and initiatives.

    Speaking on the 2022 CSI report, Union Bank’s Chief Executive Officer, Mudassir Amray, emphasised the bank’s commitment to driving inclusive growth.

    He highlighted key partnerships that helped achieve this. He said: “We firmly believe that small businesses are the engine house of economic growth. This is why we entered a $30 million partnership agreement with the International Finance Corporation (IFC), the largest global development institution focused on the private sector in emerging markets. 

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    This partnership aims to enhance access to finance for smaller businesses in Nigeria, supporting increased trade and enabling us to expand lending to businesses in critical sectors, including food, healthcare, manufacturing, and services.”

    Amray also highlighted the bank’s efforts in driving financial inclusion. He said: “We are also particularly proud of our financial inclusion initiatives, such as our partnership with Wacot Rice Limited, which enabled us to reach around 7,000 farmers across five Local Government Areas in Kebbi State. 

    Also speaking about the report, Union Bank’s Chief Brand and Marketing Officer Olufunmilola Aluko highlighted the bank’s collaborative approach to sustainability and corporate responsibility. 

    She said: “Throughout the year, Union Bank has actively collaborated with partners to enhance our performance, particularly on our material issues. We aim to sustain this momentum by building on partnerships with peers and across industries to support our customers, communities, and society.

  • Union Bank supports education

    By Collins Nweze

    Union Bank has organised its second  education feasta titled; Edu360, in Lagos, drawing stakeholders from across the sector.

    They included government officials, policy makers, teachers, parents, school owners, investors, students.

    The event tagged “Education Beyond Walls”, served as a platform for collaboration among the stakeholders, with the goal of accelerating development and investment in the sector.

    The bank’s Chief Executive Officer, Mr. Emeka Emuwa reiterated the bank’s focus on education as a key driver of national development.

    He said: “Our goal over the next three days here at Edu360 is to drive conversations and collaboration that will catalyse action necessary to move our education sector forward. We understand that scaling up government spending on public education is imperative, but to actually move the needle and drive impact, we believe the key is creating scope for private investments in the sector.”

    Special guests at the  event included the Minister of State for Education, Chukwuemeka Nwajiuba; the Special Adviser to the Lagos State Governor on Education, Mr. Tokunbo Wahab and the Deputy Governor of the Central Bank of Nigeria (CBN), Mrs. Aishah Ahmad.

    Union Bank’s Head of Commercial Banking, Mr. Kunle Sonola and directors were also at the event.

  • Union Bank empowers female entrepreneurs

    Union Bank Plc has in conjunction with Leading Ladies Africa unveiled 40 female entrepreneurs who will be participating in the keenly sought after Enterprise and Leadership Programme (ELP).

    The initiative, being put together by women-focused non-profit organisation, Leading Ladies Africa, is a two-month, practical, hands-on pro-gramme that is focused on enabling women entrepreneurs in Nigeria to identify business opportunities, create and sustain viable enterprises, and scale up their businesses.

    Speaking  at the official media parley to unveil the participants, Lola Cardoso; Chief Digital and Innovation Officer; Union Bank said: “We identified this initiative as one that will help amplify our efforts to support women and drive gender balance in Nigeria. Union Bank is proud to support these female entrepreneurs and enable their success. We are excited about the impact the programme will have on the women and their businesses, and the ripple effects on the society at large.

    “We are pleased that Union Bank, through its ±lpher Initiative is fully supporting Leading Ladies Africa’s Enterprise and Leadership Program said Francesca Uriri; Founder Leading Ladies Africa. “We’re running this programme because we understand that there is a very clear need for most micro, small and medium sized businesses to develop structure and systems that enable them scale, generate profit and become sustainable.”

    Continuing further she said: “We received over 1,700 entries for this programme from female entrepreneurs in Nigeria, and even from other African countries, further reiterating the need and value in supporting enterprise. The pro-gramme will be run in conjunction with the China Europe Business School (CEIBS), because we understand how important it is for the ladies to benefit from a global academic and business faculty.”

  • Union Bank, JAN empower female students

    Union Bank of Nigeria Plc and the Junior Achievement Nigeria (JAN) are empowering female students.

    The deal is in line with  the bank’s commitment to empower the girl child. Both institutions will be organising  the LEAD Camp- a week-long programme designed to identify, convene and coach exceptional female students from across the country.

    Speaking at a briefing in Lagos, JAN Executive Director, Simisola Nwogugu,  said 50 female students would benefit from this year’s programme. She said students would be camped and mentored. Fifty girls were expected to be hosted at the camp from yesterday to July 13. Nwogugu emphasised the impact created by LEAD Camp and thanked Union Bank for its support.

    “The LEAD Camp’s effect on the participants is phenomenal. The girls arrive on Sunday unsure of what to expect but leave the following Saturday as confident young women ready to change the world. We now have several LEAD Camp alumni doing amazing things from running businesses to running non-profit organisations to make the world a better place.

    ‘’On behalf of our stakeholders and Board of Directors, we wish to extend our sincere gratitude to Union Bank for continuing to partner with us to make this life- changing impact on our outstanding girls,” she said.

    Also, the bank’s Head of Corporate Communications and Marketing, Ogochukwu Ekezie-Ekaidem said: “Our partnership with Junior Achievement Nigeria, through our sponsorship of LEAD camp, aligns with our talent development efforts – one of our three Corporate Social Responsibility pillars at Union Bank.

    Union Bank is dedicated to enabling the success of Nigerians and impacting its host communities through initiatives like this.

    JAN is part of Junior Achievement Worldwide (JAWW), the world’s largest  non-profit economic education organisation with a 120- country network dedicated to preparing young people for a successful future.

    Since inception in 1999, JAN has reached over 900,000 students in over 20,000 classrooms in 30 locations across the country through over 2,000 volunteers.

  • Union Bank outlines three-year strategic plan to drive growth

    Union Bank of Nigeria (UBN) Plc yesterday outlined a three-year strategic plan that will further consolidate the bank’s growth towards being Nigeria’s most reliable and trusted banking partner.

    At the annual general meeting yesterday in Lagos, the board and management of the commercial bank has made commendable progress and has been positioned to take advantage of emerging opportunities in the economy.

    Chairman, Union Bank of Nigeria (UBN) Plc, Mr Cyril Odu, said with the successes recorded in 2018, the bank will now focus on executing its 2019-2021 strategic objectives.

    He noted that in 2018 the bank strengthened its retail and transaction banking offerings and launched the first Local Letter of Credit to support local trade as well as launched the inaugural N13.5 billion bond issue and adopted the Robotic Process Automation (RPA) technology, making history as the first Bank to do so in Nigeria.

    According to him, the bank will over the next three years optimise its assets to deliver higher values to stakeholders, increase its digital footprints and position itself for a sustainable future.

    “We have positioned Union Bank to take advantage of the emerging opportunities in the economy and remain optimistic about the future of the Bank. We will execute our 2019-2021 strategic objectives – sweating our assets, digitizing our bank, and positioning for the future – towards being Nigeria’s most reliable and trusted banking partner,” Odu said.

    He said the bank would focus on embedding disciplined cost management as well as mining synergies across business segments and functions to improve the profitability of its business and deliver value to all its stakeholders including shareholders, customers, business partners and employees.

    He said the bank remains confident that Nigeria has a potentially robust economy with a large consumer market, abundant natural resources and a productive population.

    “2018 has been a year of good progress for our bank and we are well positioned to execute our short to medium term strategy,” Odu said.

    Chief Executive Officer, Union Bank of Nigeria (UBN) Plc, Mr. Emeka Emuwa added that the priorities of the bank in 2018 were three including enhancing productivity across board; tightening up loan portfolio especially by resolving key large exposures which drove non-performing loans up significantly and optimising the bank’s capital and funding base.

    “I am pleased to report that we made significant strides in each focus area. Notwithstanding a depressed economic environment and a challenging operating landscape, our efforts to optimise productivity delivered results.

    In 2019, we will double-down on our productivity efforts to deliver our financial targets. We are harnessing synergies across our business segments to ensure we maximize opportunities across entire value chains, while centralising key business and operational functions for better efficiency, and prioritizing customer experience across all our touchpoints,” Emuwa said.

    He outlined that the bank will seek to deepen its customer base through new customer acquisition and retention, leverage digital banking to improve sales and productivity, diversify its businesses and customers, improve operational efficiency and harness synergies across its business to maximize opportunities across its entire value chains and ecosystems.

    According to him, following the successful execution of the bank’s debut local currency bond issue to raise N13.5 billion and the tightening up of its loan portfolio, Union Bank is well positioned to continue executing key business priorities in 2019 and beyond.

    Key extracts of the audited report and accounts of Union Bank for the year ended December 31, 2018 showed that gross earnings dropped by 11 per cent from N163.8 billion in 2017 to N145.5 billion in 2018. Net interest income declined by 17 per cent from N66.7 billion to N55.4 billion while non-interest income also dropped from N39.3 billion to N35.2 billion.

    With 113 per cent reduction in credit impairment, net income after impairments increased by 16 per cent from N80.64 billion to N93.5 billion. Profit before tax thus increased by 33 per cent from N13.9 billion to N18.5 billion. Profit after tax also rose from N13 billion to N18.1 billion.

    Earnings per share however declined by 11 per cent from 72 kobo in 2017 to 61 kobo in 2018.

    The bank’s group balance sheet increased marginally by one per cent from N1.455 trillion in 2017 to N1.464 trillion in 2018. Customers deposit rose by seven per cent from N802.4 billion to N857.6 billion.

    Non-performing loan ratio for the bank improved from 20.8 per cent in 2017 to 8.1 per cent in 2018. Shareholders’ funds however dropped by 34 per cent from N337.7 billion in 2017 to N225.6 billion in 2018. Net asset value per share thus reduced from N11.79 in 2017 to N7.75 in 2018.