Union Bank posts N9.2bn profit in 2017 H1
By NGOZI Onyeakusi
Union Bank of Nigeria has made a nice outing in its half year ended June 30, 2017, as its gross earnings recorded a 23 per cent surge from ₦60.1bn recorded in the period of 2016 to ₦73.7bn in the period under review.
According to the lenders filling with the Nigerian Stock Exchange, profit before tax increased by six per cent to ₦9.5bn compared to ₦8.9bn achieved in the corresponding period of 2016 while profit after tax equally grew at ₦9.2bn as against N8.8bn of 2016.
Interest income inched by 31 per cent to ₦58.3bn in contrast with ₦44. 3bn recorded in 2016 driven largely by Naira
devaluation-fuelled foreign currency loan book growth.
Net interest revenue before impairment rose by per cent to ₦31.7bn as against ₦30.9bn in H1 2016
Similarly, interest income was up by 19 per cent to ₦26.3bn against ₦22.2bn in H1 2016 driven by a reduction in impairment charges.
Commenting on the performance, the Chief Executive Officer, Mr Emeka Emuwa, of the bank stated “ Union Bank would continue to focus on enhancement of operational efficiency’’.
“As our centenary celebrations continue and with the launch of our ₦50bn rights issue in the second half of the year, 2017 will remain a very busy year for the bank.
“With our clear focus on enhancing the operational efficiency of the franchise, Gross Earnings grew by 23% in the first half of the year to ₦73.7bn, from ₦60.1bn in H1 2016,” Emuwa said.
He added that in spite of stiff competition, its sales strategy and competitive brand continued to provide positive momentum, with customer deposits growing by 15 per cent to ₦759.3bn in the period under review as against N658. 4bn recorded on December 31, 2016.
Emuwa stated that the bank focus in the second half of the year would
centre on rights issue launch.
“We will remain nimble to take advantage of emerging opportunities while improving on service delivery to our customers,’’ he added.