Union Bank PLC’s Net Profits Rose To NGN13 Billion

bank

Union Bank PLC, one of the leading tier one banks in Nigeria, has reported that its net profit for the third quarter of the year rose to NGN13 billion.

Gross interest income for the period rose to NGN70,9 billion compared to NGN66,9 billion reported last year.

Operating expenses: at N42.7bn (N41.3bn in 9M 2015) in spite of current inflationary pressures and consistent with investments in technology and network infrastructure.

Gross loans: up 39% to N515.4bn (N370.9.0bn in Dec 2015); driven by 13% local currency loan growth and 26% impact of the revaluation of foreign currency loans.

Customer deposits: up 9% to N618.30bn (N569.1bn in Dec 2015); customer deposits continue to grow led by our financial inclusion initiatives, enhanced customer experience and new/improved product offerings

Emeka Emuwa, Chief Executive Officer, Union bank said: “Our core pre-tax profits are up 27% to N12.4bn from N9.8bn during the same period in 2015, fuelled largely by interest income and our thriving retail business. We are encouraged by this performance which comes in the face of a recessionary environment, increased impairments and headwinds in our trade business due to scarcity of foreign exchange.

He added that “Our steady effort to build a low cost, customer centric retail business over the past 18 months is demonstrating results and continues to win us a new, growing retail customer base, as well as industry recognition with our recent Business Day Award for the Most Improved Retail Bank in Nigeria”.

Union Bank is partly owned by Atlas Mara Limited, a London Stock Exchange quoted financial services group with 31.1% stake in the bank.