Union bank profit declined  by 4% assets in nine months

Union bank profit declined by 4% assets in nine months

Union Bank of Nigeria plc said is profit for the period ended in September declined by 4% to NGN12.4 billion compared to NGN13.0 billion recorded same period in the financial year 2016.

The bank recorded higher gross earnings of NGN109.5 million compared to NGN94.7 million reported in the previous year while interest income was NGN88.4 million in contrast to NGN72.2 million in the year before.

Net interest income for the period fell to NGN46.9 million from NGN49.0 million reported in the fiscal year 2016 while impairment charges was NGN6.0 million against NGN12.8 million in 2016.

Operating income also declined to NGN21.0 million in contrast to NGN22.4 million reported in the fiscal year 2016.

Union Bank plc said its total assets for the period under review was NGN1.3 billion against NGN1.2 billion in the year 2016 while total liabilities was NGN1.0 billion versus NGN981.0 million in the year before.