Union Bank Grows Profit by 18% to N14.7b in 9 Months

By Dipo Olowookere

One of the old generation financial institutions in the country, Union Bank of Nigeria Plc, has announced its financial scorecard for the period ended September 30, 2018.

The lender, in the financial results analysed by Business Post, disclosed that it increased its gross earnings slightly by 2.45 percent to N112.2 billion from N109.5 billion in the same period of 2017.

Also, the profit before tax went up by 14.30 percent to N14.9 billion from N13 billion exactly a year ago, while the profit after tax grew by 18.16 percent to N14.7 billion from N12.4 billion.

According Union Bank, its interest income increased to N91.5 billion from N88.5 billion, while the net fee and commission income jumped to N8.7 billion from N7.1 billion.

Similarly, the net interest income closed at N49.4 billion against N46.9 billion, while the net trading income rose by 32.90 percent to N7.7 billion from N5.8 billion, with the cash recoveries improving by 93.86 percent to N3.9 billion from N2 billion.

However, in the period under review, the interest expenses increased by 1.23 percent to N42.1 billion from N41.6 billion, while the other operating income depreciated by 23.03 percent to N4.7 billion from N6.1 billion.

Union Bank revealed in the financial statements that as at September 30, 2018, its total expenses stood at N58 billion in contrast to N49 billion as at September 30, 2017, while its total liabilities increased to N1.3 trillion from N1.1 trillion.

However, the total assets grew to N1.6 trillion from N1.4 trillion, while the shareholders’ fund appreciated to N293.5 billion from N25.5 billion.

Business Post reports that the earnings per share (EPS) of Union Bank improved by 18.16 percent to 50 kobo from 43 kobo, with the lender trading at N5.10k per share at the local stock market on Tuesday.