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Union Bank grows profit to N15.9bn

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Banking hall

By Nkiruka Nnorom

MONEY MARKET

Union Bank of Nigeria Plc has recorded N15.9 billion in Profit Before Tax (PBT) for the nine month ended September 30, 2020, representing two percent increase over N15.5 billion posted in 2019.

The bank’s financial statement for the period showed that it grew its gross earnings by six percent to N18.8 billion from N11.9 billion, driven by an increase in earning assets.

Customer deposits was  up 28 percent to N1.1trillion from N886.3 billion in December, 2019, reflecting gains on the bank’s investments in customer-led products and digital channels.

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The bank’s net interest income rose one percent to N85.4 billion from N84.9 billion in the corresponding period in 2019.

Commenting on the results, Emeka Emuwa, CEO, Union Bank said: “Notwithstanding the realities of a tougher operating environment arising from the ripple effects of the Covid-19 pandemic, the bank delivered a six percent growth in gross earnings from N111.9 billion in nine month 2019 to N118.8 billion in 2020. In addition, net interest income before impairment rose by 15 percent to N41.7 billion, while non-interest income grew by 23 percent to N33.4 billion.

“We reached a major milestone as our customer deposits crossed the N1 trillion mark this quarter, growing by 28 percent to N1.1 trillion compared to N886.3 billion at the end of 2019. This reflects increasing customer loyalty and our intense retail drive.”

 

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