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Union Bank records N12b profit in six months

Category: Capital Market

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Union Bank records N12b profit in six months


For the half year ended June 30, 2010, Union Bank Group has declared a profit before tax of N12.1 billion.The result made available on the floor of the Nigerian Stock Exchange (NSE) yesterday, indicates an “impressive growth” when compared to the N3.56 billion recorded in the first quarter of this year. 


According to the result, other performance indicators of the Bank were equally impressive as gross earnings rose to N66.9 billion, representing 100 per cent increase over N34.235 billion that was recorded in the first quarter, 2010. The management of the bank in a statement on Monday, assured that with the support of the Board, it is expected that the trend will continue for the rest of the financial year ended December 31, 2010. 


Compared to the corresponding period of 2009, Union Bank’s interest expense dropped from N28.7 billion to N21 billion in half year, 2010 and operating expenses from N38.3 billion to N37.3 billion.The statement added that the report is also a veritable testament that the bank has regained massive customer confidence, with deposit liabilities rising to N858 billion; comparing favourably to the N866 billion that was the deposit position of the bank before Central Bank of Nigeria’s intervention on August 14, last year. 


Significantly, the statement said this performance has been complimented by improvement in risk management and control, marketing and business development, factors that have enhanced the bank’s income statement and efficiency ratios during the first and second quarters.The management of the Bank recently set its performance benchmark by adjusting its Operations and Human Resources for optimal utilisation and maximum contribution thereby fulfilling the promises made by the Group Managing Director/Chief Executive, Mrs. Funke Osibodu to clean up the books of the bank.


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