Shareholders of Union Bank of Nigeria (UBN) Plc have applauded the bank’s improved performance and corporate governance policy, stressing the need for the bank to create more innovative products that would attract depositors and boost its customer base.
The shareholders who spoke on the 48th yearly general meeting of the bank held in Lagos suggested that the management must consolidate the performance, in the current financial year by improving on their digital banking segment through deploying new technology to enhance operations.
The bank’s revenue grew by eight per cent to N126.6 per cent from N117.2 billion posted in 2015 while profit rose to N15.7 billion which represents six per cent rise when compared to N14.9 billion recorded in the previous year.
The bank linked the improved performance to its focus on executing priorities across all business segments, especially in the retail space, with an aggressive strategy towards increasing adoption of alternate channels.
Speaking on behalf of shareholders, the general secretary, Independent Shareholders Association of Nigeria, Moses Igbrude said the bank has made remarkable efforts to return the bank to profitability.
He, however noted that the bank should be more innovative especially in the areas of technology advancement to enable them woo those customers that exited the bank in the time past.
“They have done well. The management has been able to reposition the bank to profitability. The management need lay a solid foundation going forward.They should deploy new technology, develop their brand and make their branches more attractive.”
The President, Nigerian Shareholders Solidarity Association, Timothy Adesiyan urged the bank to improve on their digital banking segment to increase their visibility.
He added that this would attract more customers into the bank, which would ultimately boost their deposit.Reviewing its performance, the chairman of the bank, Cyril 0du said the bank has grown its new to bank customers strategy by nearly 70 percent increase in 2016.
According to him, the bank would focus more on innovation to drive its business operations.He added that the bank remain poised on identifying growth opportunities in the economy and leveraging such to develop stronger brands.
The Managing Director of the bank Emeka Enuma said the bank has commenced necessary steps to a successful rights issue of N50 billion to be launched by second quarter of 2017.
“In 2016, we focused on executing our priorities across all our business segments, especially in the retail space, with an aggressive strategy to increase adoption of our alternate channels. Our success in this area, along with improved core interest earnings, contributed to pre-tax profit growth of 6 per cent compared to 2015.
“Our research-led, customer-centers product development strategy, coupled with an up skilled sales force and targeted marketing campaigns boosted our customer deposit base by 15 per cent compared to 2015, and led to a 73 per cent increase in new-to-bank customers.
While the operating environment remains a challenge, we are focused on our 2017 priorities which include raising Tier 1 capital to execute our growth agenda across our retail, commercial and corporate businesses, particularly transaction banking and value chain.
He said the bank would maintain its focus on growing its retail business, relying on its tailored products alternative banking and sales channels.The bank’s revenue grew by eight per cent, to N126.6 per cent, from N117.2 billion posted in 2015 while profit rose to N15.7 billion which represents six per cent rise when compared to N14.9 billion recorded in the previous year.
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