By Peter Egwuatu
SHAREHOLDERS of Union Bank of Nigeria Plc have commended the debt recovery drive by its management as the bank’s Non Performing Loan, NPL ratio declined to 8.1 percent for the financial year ended December 31, 2018 from 20.8 percent in the corresponding period of 2017.
While addressing shareholders at the 50th Annual General Meeting, AGM, Cyril Odu, Chairman, Union Bank, highlighted some major achievements of the bank in 2018 which included: strengthening retail and transaction banking offerings and the launch of the first Local Letter of Credit to support local trade; the launch of the inaugural N13.5 billion Bond issue and the adoption of the Robotic Process Automation (RPA) technology – the first Bank to do so in Nigeria.
According to Odu; “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. We will focus on embedding disciplined cost management as well as mining synergies across business segments and functions to improve the profitability of our business and deliver value to all our stakeholders – shareholders, customers, business partners’ and employees.”