Union Bank announces retirement of director

Union Bank Nigeria Plc has announced the retirement of one of its non-executive directors, Mr Richard Kramer.

The bank said in a notice filed at the Nigerian Stock Exchange on Wednesday that the retirement of Kramer came during its board meeting on September 17, 2019.

It stated that Kramer’s retirement took effect from Monday, September 16.

Meanwhile, Union Bank, in its half-year financial statement, reported a four per cent increase in its profit before tax to N12.1bn from N11.7bn in 2018, while its gross earnings declined by nine per cent to N76bn.

The bank said its non-interest income declined by 12 per cent to N18.7bn due to muted volatility negatively impacting trading income, despite a 27 per cent growth in credit-related fees and 169 per cent growth in cash recoveries at N5.3bn.

It added that its increase in customer deposits by four per cent to N889.5bn from N857.6bn in December 2018 demonstrated the success of its on-going acquisition of low-cost deposits driven by strengthened brand affinity.