Union Bank Plc Q3 2017 Conference Call and Earnings Presentation - The Key Takeaways


Tuesday, November 07, 2017 5:07PM / Proshare Markets

Union Bank Plc held its Q3’17 Investors and Analyst Conference Call Earnings Presentation. Proshare NG participated along with leading market analysts and professionals. 

In reviewing the operating environment, the bank reported that Nigerian economy had seen some ups and downs as the year started on a slow rate, Nigeria had continued to record declining inflation though tougher than pre-recession levels while domestic commodity prices is also responding positively to increased harvest output. 

The bank’s N49.7bn  rights issue closed on 30th Oct, 2017 and the proceeds is expected by year-end. Furthermore, the proceeds is expected to be used to:

(1) enhance the Bank’s regulatory capital requirement

(2) Increase working capital and grow in strategic areas that correspond to emerging opportunities in Nigeria

(3) Enhance technological platforms through strategic investments in technology and digitalization; and

(4) Optimize customer experience with investments in customer touch points. 

The banks gross earnings went up by 16%  to N109.5bn in Q3 2017 from N94.8bn in Q3 2016 while its PBT dropped by 2% to N13bn in Q3 2017 from N13.2bn in Q3 2016. The bank’s gross loan also dropped by 5% to N508.6bn from N535.8bn as at December 2016. 

In a nutshell, below are the key takeaways from the Q3 2017 earnings presentation made by the bank’s management; 
1.       The bank’s area of focus remains retail, trade and transaction banking.

The bank’s omni-channel network is delivering rapid digital penetration.

Union Bank hopes to have the proceeds of its recently closed Rights Issue by year-end

Interest income is the leading driver of the bank’s revenue growth; and

Increased deposits driven by a revamped digital platform and a customer-centric product suite 

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