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Union Bank Restates Commitment to Deliver Value to Shareholders

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Union Bank of Nigeria Plc yesterday restated its commitment to delivering value to shareholders as it continues to drive growth and profitability of its business.

The Chairman of Union Bank, Mrs. Beatrice Hamza-Bassey, stated this at the 52nd annual general meeting (AGM) held in Lagos.

“Our commitment to delivering high quality earnings remains unwavering. I am pleased to announce that the bank delivered a resilient set of results in 2020 notwithstanding the challenging macroeconomic operating environment.

“Our overall performance demonstrates our resilience and ability to adapt to the constantly changing business environment to maximise shareholder returns.

We remain committed to delivering value to our shareholders as we continue to drive growth and profitability of our business,” she said.

According to her, major highlights of the financial performance in 2020 show that profit before tax grew by 2.8 per cent to N25.4 billion, from N24.7 billion in 2019. Customer deposits also increased by 27.6 per cent to N1.131 trillion compared to N886.3 billion in 2019, reflecting the bank’s agility in delivering a compelling range of products to its customers during the pandemic, and increased adoption of digital channels.

Commenting on the bank’s performance for 2020 and plans for 2021, the Chief Executive Officer, Mr. Emeka Okonkwo said: “In 2020, despite the headwinds caused by the pandemic, Union Bank continued to deliver a strong performance that has enabled the Board of Directors propose a dividend payment for the second consecutive year. This indicates resilience and affirms the strong foundation that was rebuilt over the past eight years.

As we begin a new chapter, we will continue the journey to becoming a leading financial institution in Nigeria. Sustaining value to our shareholders remains at the core of our continuous drive and we remain committed to delivering improved profitability and higher returns in 2021 and beyond.

Shareholders at the AGM approved the recommended dividend of 25 Kobo per 50 Kobo ordinary share, while applauding the bank’s resilience in these times, and its focus on sustaining shareholder value.

Meanwhile, the stock market opened trading for the week on a negative note as the Nigerian Exchange Limited (NGX) All-Share Index (ASI) shed 0.08 per cent to close at 39,801.78, while market capitalisation shed N17 billion to N20.8 trillion.

However, the volume and value traded rose 30 per cent and 49.7 per cent to 426.5 million shares and N4.7 billion respectively. The most traded stocks by volume were FBN Holdings Plc (79.6 million shares), Access Bank Plc (64.8 million shares) and Zenith Bank Plc (58 million shares).

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Naira Gains Against Dollar, Trades at N1,453/$1

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The Naira continued its appreciation at the official market on Thursday, March 21, 2024 to close at N1,453.28/$1, according to data from the Nigerian Autonomous Foreign Exchange Market (NAFEM).

This represents an appreciation of N39.33 when compared to the N1,492.61/$1 it closed on Wednesday, March 20, 2024.

The intraday high was N1,598/$1, while the intraday low was N1,300/$1, representing a wide spread of N298/$1.

Similarly, the Naira appreciated against the dollar at the parallel window to trade at N1,500/$1, this represents an appreciation of N20.00 as against the N1,520 /$1 it traded the previous day.

The Naira also appreciated slightly against the British Pound to trade at N2,000/£1 as against the previous trading day’s price of N2,020/£1 representing a gain of N20 for the local currency.

The Canadian dollar, however, closed flat against the naira to trade at N1,270/CA$1 same as the N1,270/CA$1 it traded the previous day representing a decline of N20 in the local currency.

The Naira gained N30 against the Euro to trade at N1,670/€1 as against the previous closing price of N1,700/€1.

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Global Money Week: MoneyMaster PSB Trains Students on Savings Culture

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2024 Global Money Week: MoneyMaster PSB trains students on savings culture

MoneyMaster Payment Service Bank Limited (MMPSB), Nigeria’s leading payment service bank, is poised to train 5,000 students on the need to embrace savings and investment culture in commemoration of the 2024 Global Money Week.

Tagged “Catch them Young” experiential campaign, the programme aims to have the students drawn from schools in Nigeria participating in the week-long financial literacy training in the bank’s coordinating centres across 10 participating states of the Federation.

In the same vein, MMPSB will equally engage teachers and enlighten them on basic knowledge of savings and investment for future purposes.

The 2024 Global Money Week with the theme “Protect your money, secure your future,” is billed for March 18 to 24, 2024.

MMPSB  disclosed in a press release that it was  committed  to the provision of top-notch banking services to its customers at all times, including payment services through wallets, savings, individual and business accounts, as well as provision of a platform for customers to buy airtime/data, pay bills and subscribe to cable television, amongst others.

“As part of the week-long celebration, MoneyMaster PSB will also be releasing thought leadership videos on safety and security on how banking customers can protect themselves. These videos will be shared to its customers via direct email and also on its social media handles for the benefit of the general public,” the bank further said.

Global Money Week is an annual event which creates global awareness-raising campaign on the importance of ensuring that young people, from an early age, are financially aware, and are gradually acquiring the knowledge, skills, attitudes and behaviours pivotal to making sound financial decisions and ultimately achieve financial well-being.

This year’s edition is focused on safe money management, and the importance of adopting a responsible and informed approach to personal finance, by being aware of potential risks in the financial sector and protecting one’s hard-earned money.

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Fidelity Bank Shares 3000 Food Packs Among Residents of Zamfara Community

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Leading Financial Institution, Fidelity Bank Plc has distributed over 3000 food items to vulnerable households and less privileged families in Gusau, Zamfara State.

The donation is a gesture under the bank’s Corporate Social Responsibility (CSR) Initiative created to reach out to vulnerable persons and reduce the effect of hunger in the society.
Speaking at the event, the bank’s Regional Head, North West 2, Muhammad Ahijo, noted that “The Fidelity Food Bank Initiative is aimed at alleviating the hardship experienced by many in the face of current economic challenges in the country.
His words “At Fidelity Bank, we recognize the importance of supporting and empowering communities to grow and prosper and we believe that by investing in the well-being of the communities where we operate, we contribute to the creation of a better society for all.”
“We firmly believe that by addressing the root causes of poverty and alleviating hunger, we can make a meaningful impact on the lives of those in need. And in light of this, Fidelity Bank has donated 3,000 food packs to vulnerable families in the state, to help them get through these tough times.” He stated.
Applauding the initiative by Fidelity Bank, Zamfara State Governor, Dauda Lawal, represented by his Chief of Staff, Alhaji Mukhtar Lugga, noted that “We are grateful for the kind gesture from Fidelity Bank in providing support to vulnerable households and less privileged families in our community. This is coming at a time when people cannot afford a meal before and during the holy month of Ramadan”.
On his part, the Accountant General of Zamfara State, Alhaji Ali-Akilu Muhammad, thanked Fidelity Bank for its generosity and urged other banks operating in the state to emulate the Fidelity Bank gesture by providing succor to the less privileged families in the state.
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