Union Bank Records N147bn Gross Earnings

Union Bank of Nigeria PLC has announced gross earnings of N147.32 billion for the financial year ended March 31, 2009, representing an increase of 30 per cent over last year’s figure of N112.99 billion.
Gross earnings for the bank increased by 40 per cent from N92.94 billion in the preceding year to N130.19 billion during the period under review.
The group’s total assets grew from N1.215 trillion achieved in the preceding year to N1.329trillion in 2009, while the bank recorded N1.197 trillion from the figure of N993.93 billion recorded in 2008, indicating a growth rate of 21 per cent. 
Also, group’s deposits rose from N682.31 billion in 2008 to N772.13 billion, while the bank’s deposits increased from N649.33 billion to N758.39 billion in 2009, representing an increase of 17 per cent.
However, the full provision made for bad loans and other non-performing credits in a full swoop impacted negatively on the group’s profitability.  The group’s profit before provisions stood at N39.74 billion at the end of the 2009 financial year.
The increase in the provision for risk assets to N83.283 billion brought loss before taxation and exceptional items to N43.539 billion, compared to a profit of N33.012 billion in 2008.
Mrs. Osibodu, group managing director/Chief Executive, Union Bank stressed the need for customers to remain steadfast with the bank and increase their patronage, as the bank was being repositioned to provide excellent services to them, thereby guaranteeing better value for shareholders in the years ahead.
The bank’s management remains very optimistic that Union Bank would again assume its rightful position in the banking industry now that its books have been cleaned up and is poised to exploit the business opportunities arising from the gradual recovery in the global economy.