Union Bank Maintains Positive Performance with N5.4bn Profit in Q1

Union Bank Maintains Positive Performance with N5.4bn Profit in Q1

Despite the challenging operating environment that pervaded the first quarter (Q1) of 2019, Union Bank of Nigeria Plc sustained an impressive performance with profit before tax of N5.4 billion. The unaudited results showed that Union Bank ended the Q1 with gross earnings of N37.7 billion, indicating a decline of five per cent from N39.5 billion

Despite the challenging operating environment that pervaded the first quarter (Q1) of 2019, Union Bank of Nigeria Plc sustained an impressive performance with profit before tax of N5.4 billion. The unaudited results showed that Union Bank ended the Q1 with gross earnings of N37.7 billion, indicating a decline of five per cent from N39.5 billion in 2018.
Non-interest income rose 39 per cent from N7.8 billion to N10.8 billion, an outcome of ongoing debt recovery efforts, improved fees and commission income and dividends from investments.
Profit before tax stood at N5.4 billion in 2019, same level posted in 2018, while it ended the Q1 with profit after tax (PAT) of N.5.3 billion, same figures as in 2018.
Gross loans rose five per cent to N494.9 billion, from N473.5 billion, while customers’ deposit witnessed a growth of one per cent from N857.6 billion in December 2018 to N857.6 billion in Q1 of 2019.
According to the Chief Executive Officer of Union Bank, Mr. Emeka Emuwa, the focus of the bank in 2019 is to leverage our platform to deliver efficiency and seek to maximize value across all areas of the Bank.

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