Having bounced into profitability last year, Union Bank of Nigeria Plc is set to consolidate on its performance, reclaim its leading position in the banking industry and deliver value for all stakeholders.
Union Bank posted a profit after tax of N9.1 billion for the year ended December 31, 2012 as against a loss of N107 billion in 2011. Also the bank has already recorded a profit of N7.6 billion and customers deposit of N563 billion in the first three months of 2013, compared with deposits of N522 billion in the whole of 2012.
And speaking at the ‘Facts behind the Figures’ presentation to market operators and management of the Nigerian Stock Exchange (NSE) last Friday in Lagos, Group Managing Director of Union Bank, Mr. Emeka Emuwa, said the performance would be improved upon in the years ahead.
He noted that further performance improvement would be realised from optimisation of the branch network; physical upgrade of the branches; efficiency improvement of the branches; strategic hiring in targeted segments, including retail credit, retail Liabilities, agriculture, energy, and oil and gas.
Emuwa disclosed that Union Bank had already put in place a transformation programme that rest on seven pillars comprising: business model; people and culture; risk management; finance and performance; operations; information technology; and cost management.
“Reliability is at the core of our strategy and transformation programme. We will leverage the rich heritage of the past into the future by modernising our brand and platforms. We will ensure that products, systems, service, people, processes and financial reporting are reliable. We will provide reliable service to existing customers and be seen by stakeholders and customers as trusted partners,” he said.
According to him, Union Bank has a capital adequacy ratio of 20 per cent, which is above the 15 per cent regulatory requirement and liquidity ratio of 96 per cent compared with 30 per cent required.