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Final-Datapro-Union-Bank-Rating-2020.Pdf DataPro Limited Ground Floor, Foresight House 163-165 Broad Street By Marina Water Front 234-1-4605395, 4605396 Email:[email protected] [email protected] Website:www.datapronigeria.net June, 2020 DataPro Union Bank 2020 Corporate Rating UNION BANK OF NIGERIA PLC This report is provided by DataPro subject to the terms & condition stipulated in our Terms of Engagement CORPORATE RATING REPORT References Abiodun Adeseyoju, FCA. Abimbola Adeseyoju OladeleAdeoye : June, 2021 EVALUATION VALID TILL - DataPro Rating: A SUMMARY Short term Rating A2 - Previous Rating: A Rating Outlook: Stable Trend: Even Currency: Naira Rating : - EXECUTIVE SUMMARY A 2019 2018 2017 2016 2015 N’M N’M N’M N’M N’M Report Type: Corporate Gross Earnings 159,861 140,066 157,566 126,471 118,366 Rating Profit Before Tax 24,746 18,660 11,576 16,053 18,455 Client: Shareholders' Funds 231,192 200,087 319,119 251,339 233,507 Union Bank of Deposit Liabilities 886,328 844,413 796,708 633,827 569,116 Nigeria Plc Net Loans & Advances 550,613 428,037 488,555 489,890 348,984 Date Compiled Total Assets 1,711,739 1,324,297 1,334,921 1,123,483 1,000,976 15-Jun-2020 RATING EXPLANATION The Short term rating of A2 indicates Fair Credit Quality and Adequate Capacity for timely payment of financial commitments. The long term rating of A- indicates Low Risk. It shows very good financial strength, operating performance and profile when compared to the standards established by DataPro. This bank, in our opinion, has a very strong ability to meet its ongoing obligation. This report does not represent an offer to trade in securities. It is a reference source and not a substitute for your own 20 judgment. As far as we are aware, this report is based on reliable data and information, but we have not verified this or obtained an independent verification to this effect. We provide no guarantee with respect to accuracy or completeness of the data relied upon, and therefore the conclusions derived from the data. This report has been prepared at the request of, and for the purpose of, our client only and neither we nor any of our employees accept any responsibility on any ground whatsoever, including liability in negligence, to any other person. Finally, DataPro and its employees accept no liability whatsoever for any direct or consequential loss of any kind arising from the use of this document in DataPro @ 20 any way whatsoever. Union Bank of Nigeria Plc 2 DataPro Union Bank 2020 Corporate Rating RATING SYNOPSIS The rating took into consideration all relevant qualitative and quantitative factors to arrive at the assigned risk indicator. The qualitative information used was based on industry and market intelligence including public information. The quantitative information was obtained from the company‟s audited and management accounts. The risk factors were assessed using the company‟s Capitalization, SUMMARY Earnings Profile, Liquidity, Corporate Governance, Regulatory Risk and Sustainability of subject‟s current healthy profile in the medium to long term period. Rating : Overall, the following were observed: - A Strengths: Report Type: Diversified revenue base Corporate Rating Experienced Management Good Profitability Client: Union Bank of Improved Cost Management Nigeria Plc Date Compiled 15-Jun-2020 Weaknesses: Concentration Risk Average Liquidity High Non-Performing Loan Ratio 20 DataPro DataPro @ 20 Union Bank of Nigeria Plc 3 DataPro Union Bank 2020 Corporate Rating BACKGROUND Union Bank of Nigeria Plc (“The Bank”) was incorporated as a Private Limited Liability Company in Nigeria in the year 1969. However, it began operation in the year 1917 as a branch of Barclays Bank Dominion Colonial Overseas (DCO). It became a quoted company in 1971 and Union Bank of Nigeria Plc in 1979. The Bank offers products and services which include; Savings and Deposits Account, Funds Transfer and Foreign Currency Domiciliation. Others are: Loans, Overdrafts, Equipment Leasing and Trade Finance. SUMMARY The Bank serves its customers via over 289 sales and service centres, over 977 ATMs and 2,362 staff across Nigeria. The electronic channels of the Bank include: online banking, mobile banking; debt cards and POS Rating : terminals. As at December 31st 2019, the Bank had active 5,900 POS - machines, 1.3million mobile users and 443,000 online users. A Foreign transactions of the Bank are consummated through its Report Type: correspondence banks. These are: Citibank, Deutsch Bank, Standard Corporate Chartered Bank, Oddo BHF & ABSA Barclays, Commerzbank, Rating Standard Bank and Union Bank UK to mention but a few. Client: st Union Bank of As at 31 December 2019, the Bank has a shareholding unit of Nigeria Plc 29,212,936,538 of which 91% is allocated to Foreign Shareholders. The foreign interests are represented by Atlas Mara Limited and Union Date Compiled Global Partners Limited. 15-Jun-2020 ANALYSIS OF SHAREHOLDING STRUCTURE Other Individuals , 9.32 Atlas Mara Limited, 25.58 20 Union Global partners Limited , 65.1 Source: Union Bank Audited Accounts DataPro @ 20 Union Bank of Nigeria Plc 4 DataPro Union Bank 2020 Corporate Rating KEY FINANCIAL INDICATORS Item Gross Deposit Net Loan & Total PBT Equity Earning Labs Advances Assets N’M N’M Year N’M N’M N’M N’M 2019 159,861 24,746 231,192 886,328 550,613 1,711,739 2018 140,066 18,660 200,087 844,413 428,037 1,324,297 2017 157,566 11,576 319,119 796,708 488,555 1,334,921 2016 126,471 16,053 251,339 633,827 489,890 1,123,483 2015 118,366 18,455 233,507 569,116 348,984 1,000,976 Source: Union Bank Audited Accounts SUMMARY Union Bank recorded significant growth in all its Key Financial Indicators in the year 2019. This was due to the ability of the Bank to grow its Earnings, Deposit liabilities and achieve cost efficiency. Gross Earnings, Rating : Deposit Liabilities and Profit Before Tax grew during the year 2019 by - 14%, 5% and 33% respectively. A Other key Financial Indicators such as Net Loans & Advances and Equity also grew moderately during the year under review. Report Type: Corporate Rating DIRECTORS PROFILE Client: Union Bank of The following served on the board during the year 2019; Beatrice Nigeria Plc Hamza Bassey, Emeka Emuwa, Omolola Cardoso, Joseph Mbulu, Date Compiled Emeka Okonkwo, Adekunle Sonola, Obafunke Alade-Adeyefa, 15-Jun-2020 Richard Burrett, Ian Clyne, Kenroy Dowers, Furera Isma Jumare, Taimoor Labib, Mark Patterson. The profile of the bank directors are as stated: 1. Name: Beatrice Hamza Bassey Position: Acting Chair of the Board Education: LL.B - University of Maiduguri, Nigeria BL - Nigerian Law School LL.M - Harvard Law School. 20 Nigerian Bar New York Bar Year of Appointment:2019 DataPro @ 20 2. Name: Emeka Emuwa Position: CEO Union Bank of Nigeria Plc 5 DataPro Union Bank 2020 Corporate Rating Education: B. Sc - University of Lagos Experience (Years.) 38years Year of Appointment:2012 3. Name: Omolola Cardoso Position: Executive Director Education: B. Sc – Ohio University MBA – Ross School of Business, Michigan Experience (Years.) Year of Appointment:2020 4. Name: Joseph Mbulu SUMMARY Position: Executive Director/CFO Education: B. Sc – University of Benin MBA –Wharton School of Business, Pennsylvania MSc – Lincoln University, Pennyslvania Rating : Experience (Years.) 24 years - Year of Appointment: 2020 A 5. Name: Emeka Okonkwo Position: Executive Director Report Type: Corporate Education: B. Sc – University of Nigeria, NSUKA Rating M. Sc - University of Lagos MBA – Warwick Business School, UK Client: Experience (Years.) 25 years Union Bank of Nigeria Plc Year of Appointment:2013 Date Compiled 6. Name: Adekunle Sonola 15-Jun-2020 Position: Executive Director Education: LL.B – Obafemi Awolowo University, Ife MBA – Durham University Experience (Years.) 26 years Year of Appointment: 2015 7. Name: Obafunke Alade-Adeyefa Position: Independent Non-Executive Director Education: B. Sc-Obafemi Awolowo University, Ile-Ife Institute of Chartered Accountants of 20 Nigeria (ICAN). Experience (Years.) 24 years Year of Appointment:2017 DataPro DataPro @ 20 8. Name: Richard Burrett Position: Non-Executive Director Union Bank of Nigeria Plc 6 DataPro Union Bank 2020 Corporate Rating Education: MBA - Durham University Business School. Fellow - Cambridge University Programme for sustainability. Experience (Years.) 25 years Year of Appointment:2013 9. Name: Ian Clyne Position: Non-Executive Director Education: Curtin University of Technology, Perth, Australia. Experience (Years.) 35 years Year of Appointment:2014 SUMMARY 10. Name: Kenroy Dowers Position: Non-Executive Director Education: MBA – State University , New York Rating : Ph.D – State University , New York - Experience (Years.) A Year of Appointment:2019 11. Name: Mrs. Furera Isma Jumare Report Type: Corporate Position: Independent Non-Executive Director Rating Education: B.Sc. - Ahmadu Bello University Central Bank of Nigeria (CBN) Client: Chartered Institute of Personnel and Union Bank of Nigeria Plc Development (CIPD)‟s, UK Fellow - National Institute of Management Date Compiled (NIM) 15-Jun-2020 Experience (Years.) 21 years Year of Appointment:2017 12. Name: Mr. Taimoor Labib Position: Non-Executive Director Education: B. Sc. Carnegie Mellon University Experience (Years.) 20 years 13. Name: Mark Patterson Position: Non-Executive Director 20 Education: Oxford University Experience (Years.) 33 years Year of Appointment: 2019 DataPro DataPro @ 20 Union Bank of Nigeria Plc 7 DataPro Union Bank 2020 Corporate Rating CAPITAL ADEQUACY Item 2019 2018 2017 Year N’M N’M N’M Shareholders’ Funds 231,192 200,087 319,119 Total Assets 1,711,739 1,324,297 1,334,921 Fixed Assets 57,934 59,830 55,801 Net Loans & Advances 550,613 428,037 488,555 Equity/Total Assets (%) 13.51 15.11 23.91 Equity/Loan & Adv. (%) 41.99 46.75 65.32 SUMMARY Fixed Assets/Equity (%) 25.06 29.90 17.49 Source: Union Bank Audited Accounts Union Bank grew it‟s shareholder‟s Fund by 16% in the year 2019.
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