By Dipo Olowookere
One of Nigeria’s oldest surviving financial institutions, Union Bank of Nigeria Plc on Wednesday released its financial statements for the first half of 2018.
In the unaudited results, the lender grew its gross earnings by 15.6 percent to N83.3 billion from N72.1 billion achieved in the corresponding period of last year.
This was mainly driven 9.8 percent rise in interest income and 36.9 percent growth in non-interest income to N62.2 billion and N21.1 billion respectively from N56.6 billion and N15.4 billion in the same period of last year.
Business Post reports that the financial institution posted N27.9 billion as interest expenses in H1 2018 against N26.5 billion in H1 2017, while the net impairment charge for credit losses stood at N4.6 billion as at June 30, 2018 versus N3.8 billion as at June 30, 2017.
In the financial results, Union Bank reported a 36.9 percent loss in other operating income, closing at N3.4 billion against N5.5 billion it achieved exactly a year ago.
However, the operating income increased by 21.7 percent to N50.9 billion in the period under review from N41.8 billion in the corresponding period of 2017.
Union Bank disclosed in the statements that the total expenses for the first six months of this year stood at N39.2 billion versus N32.4 billion in the same period of last year.
For the profit before tax, this increased by 23.3 percent to N11.7 billion from N9.5 billion, while the profit after tax went up by 24.5 percent to N11.5 billion from N9.2 billion.
During the period under review, value of the total assets of the firm grew by 11 percent to N1.5 trillion from N1.3 trillion, while the total liablities closed at N1.2 trillion as at June 30, 2018 versus N1.04 trillion, with the shareholders’ fund appreciating by 3 percent to N290.4 billion from N281.8 billion.
However, the earnings per share suffered a 27.6 percent loss, closing at 39 kobo in contrast to 54 kobo it close 12 months ago.
Modupe Gbadeyanka 
Aduragbemi Omiyale