Profits down at Union Bank, turnover up

Profits down at Union Bank, turnover up

Friday, April 1, 2016 1:59 pm

Union Bank


Union Bank of Nigeria Plc on Friday announced gross earnings of N118.4 billion for the financial year ended December 31, 2015.

The figure represents an eight percent increase over the  N109.8 billion declared in 2014.

The bank’s profit before tax stood at, ₦18.1 billion compared with ₦20.7 billion posted in the preceding period of 2014 including gain on sale of subsidiaries.

The bank  stated that net interest income grew by six per cent to ₦53.8 billion against ₦50.6 billion in 2014, while asset yield stood at 16.4 per cent compared with 14.9 per cent in the previous year.

The bank in a  statement added that customer deposits appreciated by 12 per cent from ₦507.4 billion to ₦569.1 billion in 2014, reflecting increased customer confidence, a re-energised brand and success of new products.

Mr Emeka Emuwa, the bank’s Chief Executive Officer, said that 2015 was a challenging year across board with significant operational and economic headwinds.

He  said that the bank maintained its focus on business and transformation initiatives which yielded desired results notwithstanding the difficult operating environment.

“With the launch of a re-energised brand identity and a retail model focused on customer needs, we increased our customer deposits by 12 per cent year-on-year,” he said.

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