Peter Egwuatu
18 November 2008
Union Bank of Nigeria Plc has concluded arrangement to hold its Annual General Meeting (AGM,) in Sokoto, where shareholders are expected to ratify its 2008 financial results ended March 31, 2008.
The AGM is scheduled to hold on Wednesday 26, November , 2008, with the bank posting an impressive pre-tax profit of N29.75 billion in year 2008 from N15.32 billion in 2007 , while gross earnings increased from N71.09 billion to N92.94 billion.
Post-tax profit rose from N12.13 billion to N24.74 billion for the Bank, while that of the Group peaked at N26.86 billion from N13.88 billion recorded in 2007.
Union Bank also recorded a gross earnings of N113 billion for the full year result under review , representing an increase of about 28 per cent, from N89.24 billion achieved in 2007 .
According to the result released by the Bank last week, its Group pre-tax profit grew by 88 per cent from N17.58 billion to N33.01 billion in the financial year under review.
Similarly, total assets increased from N619.80 billion in 2007 to N907.07 billion for the Bank, and from N700.09 billion to N1, 128.90 billion for the Group. Also, deposit liabilities for the Bank rose from N417.41 billion in 2007 to N649.33 billion in 2008, while that of the Group hit N686.31 billion from N432.08 billion. Shareholders' funds for the Bank and Group increased to N111.3 billion and N119.2 billion, respectively, from N96.63 billion and N102.71 billion, respectively that they were last year.
Resulting from this excellent financial score-sheet, the Bank will, subject to shareholders' ratification, give a bonus issue of one new share for every six shares currently held and pay a dividend of N1.00 per share, in demonstration of its resilient capacity to meet and surpass shareholders' expectations on returns on investment.
The register of members would be closed for the purpose of the dividend and bonus issue between Monday, November 17 and Friday, 21, while the warrants would be distributed from Wednesday, December 3, 2008.
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