Union Bank appoints former Minister for Women Affairs, Aisha Abubakar as Independent Non-Executive Director.

Union Bank of Nigeria Plc (‘’Union Bank’’) has announced the appointment of Ms Aisha Abubakar into its Board, as Independent Non-Executive Director, effective from 9th of September 2021.

The Bank in a statement filed with the Nigerian Exchange Limited (NGX) today, revealed that the appointment has been approved by the Central Bank of Nigeria (CBN).

It would be recalled that Ms Abubakar served as Nigeria’s Honourable Minister for Women Affairs and Social Development from 2018 to 2019. Prior to this, she also served as the Honourable Minister of State for Industry, Trade and Investment between 2015 and 2018.

About Ms Abubakar

Ms. Abubakar is an accomplished public sector administrator with over three decades of professional experience in Public Service and Pension Administration, Investment Banking, SME Finance/Rural Enterprise Development and Micro-Credit Administration. She is a Fellow of the International Professional Managers Association (IPMA-UK), and the President of the International Experts Consultants (IEC-UK).

Ms. Abubakar also boasts of valuable private sector and development experience, having worked at Continental Merchant Bank Limited, African Development Bank and African International Bank.

What they are saying:

Commenting on her appointment, Union Bank’s Board Chair, Mrs. Beatrice Hamza Bassey, said: ‘’On behalf of the Board of Directors, I welcome Ms. Aisha Abubakar to the Board. She brings many years of robust experience which will be invaluable in supporting our efforts to steer the Bank forward and deliver on our strategic objectives.”

Also commenting, the Chief Executive Officer of Union Bank, Emeka Okonkwo, said: ‘’ I am pleased to welcome our new Independent Non-Executive Director, Ms. Aisha Abubakar to the Board. We look forward to drawing from her wealth of experience and fresh perspectives as we continue to execute our vision to be Nigeria’s most reliable and trusted partner.

Emeka Okonkwo, Union Bank CEO, Increases Stake in the Bank by N20.6 million.

The Chief Executive Officer of Union Bank of Nigeria, Emeka Okonkwo, has increased his stake in the bank by acquiring an additional 3,951,874 units of the bank’s   shares, worth N20.6 million.

According to a notice signed by the Company’s Secretary/General Counsel, Sonuyiwa Sonubi, the transaction took place at the floor of the Nigerian Exchange Limited (NGX), in Lagos, Nigeria.

The breakdown of the transaction showed that the accomplished banker purchased the aforementioned additional units of shares (3,951,874) at a unit price of N5.21 per share, totalling N20, 589,263.54

Recall that Mr. Emeka Okonkwo was appointed Chief Executive Officer of Union Bank in December 2020, and resumed by April 2021. He joined Union Bank in 2013 as an Executive Director in charge of the Corporate Banking and Treasury business, a role he held until his appointment as M.D/CEO.

Mr Okonkwo had joined the league of Union Bank’s biggest shareholders in May 2021, after he acquired an additional 2.4 million units of shares worth N11.9 million, thereby raising his total holdings in the bank to 8,094,748 units, translating to about 0.03% of the total shareholdings.

The recent transaction will further increase his stakes to 12,046,622 units of shares, placing him as the second highest individual shareholder of the bank, just behind the former CEO, Emeka Emuwa, who owns 196,086,583 units of direct and 20,936551 units of indirect shares in the bank.

 

Union Bank closed trading for the week ended 10th of September, 2021 with a share price of N5.05 per share.

 

 

2021 Half Year Results: Union Bank’s profit after tax dips by 11% to N9.84 billion.

Union Bank of Nigeria Plc released its unaudited financial results for the period ended 30th June, 2021.

  • Gross earnings for the period was N76.31 billion (-6.8% YoY)
  • Net interest income after impairment was N20.34 billion. (-15.3% YoY)
  • Net fee and commission income of N6.59 billion. (+30.3% YoY)
  • Total expenses of N36.9 billion. (+3.9% YoY)
  • Deposits from customers totalled N1.17 trillion.
  • An operating income of N48.15 billion was recorded. (+3.01% YoY)
  • Profit after tax for the period was N9.84 billion. (-11.3% YoY)
  • Earnings per share from continued operations of 38 kobo Vs 37 kobo YoY.

See link to results.

Union Bank posts profit after tax of N6.21 billion in Q1 2021.

Union Bank of Nigeria Plc released its unaudited results for the first quarter of the year (Q1, 2021).

  • Net interest income after impairment charge was N10.19 billion. (-10.5% YoY)
  • Net fee and commission income was N3.06 billion. (-1.64% YoY)
  • Operating income of N24.39 billion. (+0.1% YoY)
  • Total expenses of N17.35 billion. (-3.7% YoY)
  • Profit after tax was N6.21 billion. (+3.2% YoY)
  • Earnings per share from continuing operations of N23 kobo Vs 21 kobo YoY.

See link to results.

Union Bank Plc posts N18.7 billion profit in FY 2020.

Union Bank of Nigeria Plc released its full-year results for the year ended 31 December 2020.

  • Net interest income after adjusting for credit losses was N59.7 billion. (+14% YoY)
  • Net fee and commission income was N10.5 billion. (-7.2% YoY)
  • Operating income was N104.13 billion. (+9.4% YoY)
  • Profit After Tax was N18.7 billion. (-6.1% YoY)
  • Total expenses was N78.4 billion. (+10.5% YoY)
  • Customers deposits totaled N1.13 trillion (+27.1% YoY)
  • Earnings per share from continuing operations printed 85 kobo. (+2.14% YoY)
  • A dividend of 25 kobo was announced.

See link to results.

The Bank re-scheduled the time for its Investors call fixed on the 22nd of March 2021, from 3:00 pm to 2:00 pm. Sequel to this, interested participants are urged to register via the following link: https://www.diamondpass.net/2935416