By Chinwendu Obienyi
Union Bank of Nigeria (UBN) Plc has said it remains committed to sustaining value to its shareholders and delivering improved profitability and higher returns in 2021 and beyond. This was even as shareholders approved the recommended dividend of 25 Kobo per 50 Kobo ordinary share.
Addressing the shareholders at its 52nd Annual General Meeting (AGM) which held by proxy in Lagos, owing to public health safety directives on public and mass gatherings following the sustained COVID-19 threat, the Chairman Board of Directors, Beatrice Bassey, highlighted key achievements of the bank in 2020 to include the continued focus on digital innovation for high-quality service delivery across touch points; the bank’s multi-pronged approach to supporting the fight against COVID-19.
She also noted the prompt pivot to remote work for over 70 per cent of employees at the height of the pandemic, owing to strategic investments in digital technologies prior to the pandemic.
According to her, UBN delivered a resilient set of results in 2020 notwithstanding the challenging macroeconomic operating environment as its overall performance demonstrates its resilience and ability to adapt to the constantly changing business environment to maximise shareholder returns. Bassey said, “We remain committed to delivering value to our shareholders as we continue to drive growth and profitability of our business.”
Commenting on the performance for 2020 and plans for 2021, the Chief Executive Officer, UBN Plc, Emeka Okonkwo, said the strong performance from the bank in 2020 enabled the Board of Directors to propose a dividend payment for the second consecutive year.