Union Bank Records 85% Profit Growth In First Quarter 2016

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Union Bank Of Nigeria, UBN, has declared a profit before tax of N4.8 billion in its first quarter, ended March 31, 2016.

The figure is 85 per cent higher than the N2.5 billion made in the same period of 2015.

The group’s financial statements for the period showed that its profit after tax rose by 96 per cent to N4.72 billion from N2.4 billion in 2015.

The bank ended the period with gross earnings of N26.6 billion, up from N29 billion, while interest from income stood at N21 billion as against N20 billion in 2015. It recorded interest expense of N6.6 billion down by 16 per cent from N7.9 billion in 2015.

Also, operating expenses went up by three per cent to N14.2 billion from N13.7 billion in 2015, customer deposits went up by nine per cent to N587.2 billion in 2016 on the back of growing customer confidence in service and product offers as well as a re-energised brand identity, while gross loans up marginally by two to N383.6 billion, which reflects cautious loan growth in targeted sectors of the economy.

Commenting on the bank’s first quarter results, the chief executive officer, Emeka Emuwa said, “Our first quarter results reflect steady progress on the execution of our strategic priorities. The bank’s core PBT in Q1 2016 is up significantly by 85 per cent to N4.7 billion. With the sale of non-banking subsidiaries near completion, the Bank is now focused on growing and delivering results through its core banking business.”

(Bizwatch)

 

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