Union Bank posted a loss after tax of N62.47 billion for its third quarter ended Sept. 30, 2011, the News Agency of Nigeria (NAN) reports.
The result, which was published by the Nigerian Stock Exchange (NSE) on Tuesday, showed that the loss was in contrast to the profit after tax of N6.81 billion recorded in corresponding period in 2010.
The bank’s results also showed a loss before tax of N85.75 billion during the period compared to the profit before tax of N7.68 billion in the same period in 2010.
The bank's gross earnings also dropped from N85.57 billion in the third quarter of 2010 to N78.45 billion in the same period in 2011.
Its fixed assets declined to N55.52 billion against N58.75 billion in recorded in the third quarter of 2010, a decrease of 5.5 per cent.