Union Bank of Nigeria recently held its 53rd Annual General Meeting (AGM) where shareholders of the Bank approved the Bank’s 2021 annual accounts presented by the new Chairman of the Board of Directors, Farouk Gumel.
The meeting which held at the Bank’s head office in Lagos was well attended by shareholders in person and by proxy. Proceedings were also streamed live to the online audience.
Addressing attendees during the AGM, Farouk Gumel highlighted key achievements of the Bank in 2021. He commended the previous shareholders and management of the bank for the successful transformation effort which positioned the 105-year-old financial institution for the growth recorded in the past year.
According to him:
“Union Bank is an iconic brand that has successfully navigated several headwinds including the impact of the Covid-19 pandemic, the ripple effects of the ongoing Russian-Ukrainian conflict, local inflationary pressures and global economic shocks. I want to thank the previous board and management for maintaining the stability of our bank and fostering growth. The work they have done over the past decade has created a solid base for the upcoming chapter. We look forward to greater heights in the future.”
Major highlights of the Bank’s financial performance in 2021 show that gross earnings increased by 8.9% to N175bn from N160.7bn in 2020. This was largely driven by strong non-interest income and improved debt recovery over the past year. Customer deposits grew by 20.4% to N1.4trn from N1.1bn in 2020 as a result of the Bank’s expanded product base and digital channels. In addition, gross loans went up by 22% to N889.1bn compared to N736.7bn in 2020 as the bank increased its lending to fund opportunities in key sectors of the economy.
Speaking on the results, Managing Director/Chief Executive Officer, Mudassir Amray applauded the resilience of the Bank noting how challenging the previous year was for the financial services industry. He said:
“Despite the unprecedented public health and socioeconomic challenges the world has faced in recent years, the Bank’s response to these hurdles has been nothing short of admirable. With our forward-thinking and innovative strategies, we have been able to grow our assets and shareholders’ funds to the current value of N2.6trn and N251.5bn respectively. Today, the bank is well-positioned with over 7 million customers and is a leading player in the digital banking space. We look forward to working with all our stakeholders to facilitate more growth in the years ahead.
Other business conducted during the AGM included the formal appointment of Mr. Gumel and other directors during the meeting. The new directors whose appointments were officially endorsed by shareholders include non-executive directors; Ms. Aisha Abubakar, Alhaji Abubakar Mohammed, Andrew Ojei, and Mackombo Omoile.
Union Bank continues to execute its strategy to achieve its vision of being Nigeria’s most reliable and trusted banking partner.
