Union Bank Plc held its H1’17 Investors and Analyst Conference Call Earnings Presentation. Proshare NG participated along with leading market analysts and professionals.
In reviewing the operating environment, the bank stated that despite the decline in crude oil prices, sustained production levels maintained the external reserves value at $30.3bn as at Jun’17 and rose to $30.7bn at the end of July, following a slight increase in global oil prices. The bank further gave regulatory highlights in H1 2017 while CBN maintains its tight monetary policy position during the period under review.
The bank is currently recording fast-growing digital penetration as about 60% of its clients are active on Union One; has 8 new smarter banking centers for self-service vs. only 1 in 2013; 52x growth in active mobile banking users since 2012; and almost 11x growth in active online banking users since 2012. The bank also launched a new UnionMobile and USSD code – *228# which is described as a simpler, smarter way to spend Naira.
The bank launched the Centenary Art & Centenary Innovation Challenges, Celebrating the arts with the youth, in partnership with iOpenEye. Also launched a monthly panel discussion series, “Banking the Future” on CNBC Africa, as part of the bank’s thought leadership initiatives for the year with three episodes aired.
In a nutshell, below are the key takeaways from the H1 2017 earnings presentation made by the bank’s management;
- The bank launched branches in Edo, Kano, and Rivers
- The bank has transformed about 180+ branches
- In addition to 5 retail products and 20 bancassurance solutions launched in 2016, the bank has launched (1) UnionAccelerate for Commercial Clients (2) UnionKorrectQatar–a target savings product and (3) UnionSelf-Employed–A loan product for the informally employed.
- The bank plans to continue to invest in the right people and improve staff productivity; and
- Position itself through positive brand perception, investment in innovation and simpler & smarter bank.