Union Bank Nigeria Plc has promised its shareholders improved returns on their investments in the years ahead.

Speaking during the presentation of facts behind its figures on the Nigerian Stock Exchange (NSE), in Lagos last week, the Managing Director of the bank, Mr. Bartholomew Ebong disclosed that it has put in place the necessary programmes and strategies that will help to position it as a leading player in the nation's financial landscape, and ensuring huge growth in its bottom lines in the years ahead.

He said, "With the on going Enterprise Transformation Programme and the determination of our staff, the future outlook of the bank is very bright. The bank has now been repositioned not only to match competition in the industry but to assure and maintain its leadership position. Given the emphasis placed on realigning our system, processes, procedures, people and technology and as one of the most capitalised banks in Nigeria, we are poised to deliver best-in-class financial service solution driven by state-of-the-art technology.

Our goal is to enhance our stakeholder value through efficient service delivery, while making superior returns to our shareholders and exceeding their expectations."

He disclosed that it intends to use its more than nine decades of retail banking experience, its attractive capital base and its recent Enterprise Transformation Programme to ensure that improves on its financial performance in the coming years, and become the most profitable bank, providing the needed support to grow the Nigerian economy.

He disclosed that it has nurtured most of its subsidiaries to maturity, putting them in the position to contribute significantly to the growth in the bottom line of the group, providing quality services to their numerous stakeholders. He further stated that one of its subsidiaries, Union Assurance Plc, is gearing up for listing on the NSE within the next couple of months, adding that it also plans to list its other subsidiaries in the years ahead.

The bank recorded a significant improvement in all its financial indices, in its financial results for the year ended 31st March, 2008. It posted a gross earnings of N112.99 billion rising by 27 per cent from N89.24 billion recorded in 2007, its profit before tax appreciated by 88 per cent from N17.58 billion in 2007 to N33.01 billion in 2008, while its profit after tax and minority interest stood at N25.74 billion compared with N13.33 billion recorded in its 2007 financial year, representing an appreciation of 93 per cent.

To this end, the bank is proposing to its shareholders, a dividend of N11.58 billion representing an appreciation of 44 per cent from the previous year's dividends of N9.65 billion. This represented a dividend per share of N1.00 for every 50 kobo share held by its shareholders.

It is also proposing a bonus of one ordinary share for six ordinary shares held by its shareholders.

According to Ebong, "We are able to achieve this feat due to our universal banking strategy, which allows us to offer a wide range of services to meet the ever-changing needs of our customers."

The company annual general meeting is scheduled to hold on Wednesday, November, 26, 2008, in Sokoto state.