BYPETER EGWUATU

Union Bank Nigera Plc has announced a loss after tax of N601 million in its first quarter audited result for the year ended, March 31, 2011.

According to the results presented to the Nigerian Stock Exchange, NSE, the loss of N601 million is against a profit after tax of N3.326 billion recorded in the comparable period of 2010.

Its gross earnings dipped by 18.43 per cent to N27.926 billion from N34.235 billion recorded in 2010, while its recorded a loss before tax of N280 million compared to a profit after tax of N3.560 billion recorded in the comparable period of 2010.

Also, in its audited result for the year ended, December 31, 2010, released to the investing community, the bank posted a negative net asset of N115.79 billion for its year ended, December 31, 2011 financial year, from a negative position of N281.37 billion in 2009.

According to the result its fixed asset dropped by 3.98 per cent to N58.751 billion, from N61.189 billion recorded in 2009, loans and advances dropped to N202.381 billion from N 469.618 billion in 2009.

Its total deposits depreciated by 32.52 per cent to N645.987 billion from N957.329 billion recorded in 2009, its short term borrowings, however rose to N150.258 billion from N134.651 billion in 2009, while its other credit balance stood at N320.234 billion from N297.703 billion in 2009.

However, the bank’s gross earnings grew by 16.35 per cent to N130.414 billion from N112.086 billion recorded in 2009, its profit after tax stood at N36.454 billion from a loss after tax of N279.786 billion in 2009, while it recorded a profit after tax of N106.472 billion from a loss after tax of N281.373 billion in 2009.

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