Mr. Emeka Emuwa, MD, Union Bank
The Shares in Union Bank of Nigeria Plc rose by 11 per cent last week as investors continued to react positively to the 68 per cent growth posted by the bank in its the first quarter (Q1) result ended March 31, 2012.
The equity of Union Bank rose from N4.41 to close at N4.88 per share. A stockbroker, Mr. Ayo Oguntayo, linked the appreciation in the share price to increased demand by investors who are taking position in the bank following improved Q1 result and ahead of the expected transition to a new management.
Having concluded its assignment of recapitalising the bank and putting it in a good stead for future growth, the Mrs. Funke Osibodu-led management is to exit Union Bank.
A new management to be led by the current Managing Director of Citibank Nigeria Limited, Mr. Emeka Emuwa, is being constituted to run bank going forward.
Union Bank recently reported a profit after tax of N7.618 billion in Q1 showing a growth of 68 per cent from N4.513 billion recorded in the corresponding period of 2011.
Shareholders’ funds stood at a positive N193.84 billion in 2012 compared with negative of N123.7 billion in 2011. Total assets stood at N1.1 trillion with deposit of N565.34 billion in 2012.
Commenting on the results, Group Managing Director, Union Bank of Nigeria Plc, Mrs. Funke Osibodu, said the Q1 was indicative of the efforts by the board and management to return the bank to its place of pride as a foremost financial institution that consistently creates value for all stakeholders.
She assured that with the continuing intensive restructuring being undertaken by the management, the bank had returned from the abyss of a bailed out bank with negative capital to one of the most promising financial institutions in Nigeria.