Union Bank of Nigeria Plc has announced gross earnings of N147.32 billion for  the group for the financial year ended March 31, 2009, representing an increase of 30 per cent over last year’s figure of N112.99 billion.

In the same vein, 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 N1.329 trillion 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 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.

The bank’s management, led by Mrs Funke Osibodu as Group Managing Director and Chief Executive, 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.

Mrs Osibodu also stressed the need for the esteemed customers to remain steadfast with the bank and increase their patronage, as the bank was being repositioned to them, thereby guaranteeing better value for shareholders in the years ahead.

The management of Union Bank has restructured its operation with a view to enabling it render world class services to customers globally.

Mrs Funke Osibodu, on assumption of office, had embarked on surprise visits to various branches of the bank across the country with a view of assessing the quality and map out strategy to improve the situation.

Although, two months after the visitations, many customers have attested to good transformations in customer services at Union Bank branches in terms of timely services, personal attention by staff, improved banking environment, facilities and information technology infrastructure.

Mrs Osibodu said the business process and infrastructure upgrade team of the bank has transformed many of the bank’s branches into modern banking offices with ambience such as the Davies  Street branch, Tinubu branch, Victoria Island branch, Foreshore Towers branch and Adeola Odeku branch among numerous owners.

Speaking at the Savings Bonanza Draw of the bank at Owerri, Imo State recently, the managing director encouraged the bank’s customers to spread the good news about the positive changes in the financial institution.

She informed the customers that the new changes in the leadership of Union Bank was intended to make the bank, more “Time tested, bigger, stronger, more more reliable”.

Osibodu pointed out that the changes were introduced to safeguard the interest of the shareholders and more importantly, those of the depositors.

She added that Union Bank is being repositioned to provide excellent services to its highly esteemed customers, thereby guaranteeing better value for stakeholders.

Union Bank was one of the five banks, whose top executives were fired on August 14 by the Central Bank of Nigeria (CBN) for presiding over decisions that impaired the finances of the banks. Osibodu took over from the former Group Managing Director, Barth Ebong. The sum of N120 billion was injected into Union Bank from the N420 billion set aside for the five banks by the CBN.

Industry observes applaud the positive changes in the customer services of Union Bank, while acknowledging the fact that given the pedigree of the financial institution it could easily get over its challenges.

Union Bank has recovered substantial portion of its non-performing loans which has buoyed its liquidity. Aside its N1.128 trillion asset base, the bank has a deposit base of over N682 billion from a customer base of 4.82 million, the largest in the industry.

The bank boasts of the world class IT infrastructure, flexcube, which ensures a robust platform for electronic business as well as a rejuvenated workforce with the largest concentration of experienced and qualified  bankers which as at August 2009 stood at 6, 042.

Union Bank has restructured its processes tools, human capital and owner resources with a view to emerging the best in the industry. The acronym project GEAR, simply means G-gross the bank from good to great, E-eclipse the competition, A – aligning the bank’s strategy, people, processes and technology, R-redefine the bank’s position in the industry as leaders in the banking industry. The new managing director and chief executive officer had promised to focus on people management, business development and relationship management, risk management and control, all necessary to leap frog a bank’s core business, above any crisis situation.