Union Bank of Nigeria Plc has announced a Profit Before Tax (PBT) of N13.2 billion for its unaudited results for the nine months ended September 30, this year.
Highlights of the result also showed the lender’s gross earnings were up by seven per cent N91.4 billion as against N85.4 billion in September last year while interest income equally rose by six per cent to N69.2 billion against N65.3 billion for last year driven by driven by improved asset yields from 14.2 per cent to 16.1 per cent within the period.
The bank’s net revenue before impairment was up by 20 per cent to N46.4 billion against N38.8 billion in 2015 as a result of six per cent interest income growth and 14 per cent interest expense growth.
Also, non-interest revenue was up by 10 per cent to N22.1 billion against N20.1 billion in 2015 while operating expenses stood at N42.7 billion compared with N41.3 billion in 2015 in spite of current inflationary pressures and consistent with investments in technology and network infrastructure.
The bank also recorded nine per cent growth in customer deposit to N618.30 billion from N569.1 billion in December last year even as customer deposits continue to grow led by its financial inclusion initiatives, enhanced customer experience and new/improved product offerings.
Commenting on the bank’s Chief Executive Officer, Emeka Emuwa, said: “Our core pre-tax profits are up 27 per cent to N12.4 billion from N9.8 billion 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. While the operating environment remains a challenge, we will continue to focus on executing our strategy, defending our loan book and adhering to prudent risk management principles.”