Atlas Mara’s Union Bank of Nigeria 2016 profit rose by 6%


After its parent company, Atlas Mara released its result earlier today, Union Bank plc said its profit grew slightly by 6%.

Union bank plc ended the year with interest income of NGN98.0 million compared to NGN90.9 million recorded in the year before. Its interest expense for the year NGN32.9 million against NGN35.2 million recorded in 2015.

Net interest income  of NGN65.0 million fr fourth quarter 2016 compared to NGN55.6 million recorded in the financial year 2015. Its operating income for the year was NGN77.0 million versus NGN71.9 million recorded in the previous year.

Its profit before taxation for the year was NGN15.7 million in contrast to NGN14.7 million recorded in the year 2015. After deducting the tax expense for the year, union bank profit for the year rose by 6% to NGN15.3 million against NGN14.3 million recorded in the financial year 2015.

The company’s total assets for the year  in review was 1.2 billion compared to 1.0 billion recorded in 2015. Its Total liabilities for the year was NGN981.0 million in contrast to NGN802.9 million recorded in 2015.

Atlas Mara, its major shareholder has also revalued its stake in Union Bank. The company noted earlier today that the value of its 31% equity stake in Union Bank of Nigeria has fallen to USD291.4 million compared to USD395.9 million in 2015.

This was attributed to “Naira devaluation executed by the Central Bank of Nigeria during June 2016, with the Naria losing value from December 2015 close at NGN 199, to NGN 250 in June 2016, to a December 2016 official closing rate of NGN 304 vs the US$”.

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