Union Bank announces Interim Dividend for 2012
The Chairman and Board of Directors of Union Bank of Colombo PLC (UBC)
announced an interim dividend of 15 cents per share, further
strengthening its premise in delivering stakeholder value.
Chairman, Union Bank of Colombo PLC
UBC is the first to announce an interim dividend for 2012. Alex
Lovell, Chairman of UBC stated that 2011 concluded on a positive note
and 2012 will see the consolidation of these growth factors. He further
stated that Union Banks focus on the Small and Medium Enterprises (SME)
sector has given the bank a well defined competitive edge in an industry
that has a landscape of 26 commercial banks.
UBC had the appropriate elements and fundamentals already ingrained
to make its mark and contribute significant towards the growth of this
customer segment while strengthening its relevance as a key player. This
enables UBC to grow, enabling to develop the corporate stewardship role
of empowering communities.
Lovell also stated that “going forward, adding the necessary stimulus
to our SME focus, UBC will continue to evolve as fully technology driven
Bank. The banks focus on an IT driven channel strategy will further
support its reach expansion across Sri Lanka”. UBC’s transformation from
a small player to a prominent dynamic player within the banking industry
by 2012 has been remarkable.
Showcasing a classic turn around scenario, its pace of growth and
transformation during a short period of time has been significant. UBC
has continuously recorded growth in profitability and posted a net
profit of Rs 308 million in the financial year 2011 and a group pre-tax
profit increase of 28% during the first quarter of 2012.