Union Bank of Nigeria Plc, yesterday reported N14.9 billion profit before tax for the nine months ended September 30, 2018.
The bank stated this in its third quarter unaudited result submitted to the Nigerian Stock Exchange (NSE) in Lagos.
It said the profit before tax indicated an increase of 14 per cent compared to N13 billion in the corresponding period of 2017.
The bank said gross earnings during the period rose from N109.5 billion in 2017 to N122.2billion, driven by a three per cent increase in interest income and 46 per cent increase in non-interest income.
According to the bank, interest income grew from N88.5 billion in 2017 to N91.5 billion, just as net interest income before impairment went up from N46.9 billion in 2017 to N49.4 billion in the review period.
It noted that net interest income went up by 46 per cent to N30.8 billion as against N21 billion, gross loan up by five per cent to N588.9 billion from N560.7 billion, while customer deposits stood at N882.2 billion up by 10 per cent, when compared to N802.4 billion as at December 31, 2017.
Speaking on the results, CEO of the bank, Emeka Emuwa said, in the third quarter of the year, the bank’s numbers continue to track strongly across all performance metrics.
He said that The Group’s gross earnings grew by 12 per cent and profit before tax (PBT) is up 14 per cent as a result of strong treasury trading income, intensified recoveries and a 144 per cent growth in alternate channel revenues.
According to him, the Non-Performing Loan (NPL) ratio is down to 9.8 per cent from 10.8 per cent as at first half of 2018 as asset quality continues to strengthen as we realize more recoveries while continuing to selectively grow our loan book with high quality risk assets.
“Leveraging positive investor confidence in the Bank, we concluded a successful inaugural issuance of Series I and II bonds under our newly-registered N100 billion bond program. We will remain focused on driving and enhancing productivity across the Bank to ensure we deliver on our expectations for the year.”
Also, chief financial officer of union Bank, Joe Mbulu said, “notwithstanding our deposit book growth, our focus on optimizing our funding costs ensured that they remained flat year-on-year.
“This drove profitability from gross revenues to the bottom line, with higher net revenue from funds after impairment in the period.”
Mbulu stated further that “notwithstanding a challenging macro-economic backdrop, we are judiciously growing the Group loan book, which is up by five per cent and the bank remains adequately capitalized to pursue its growth ambitions with Capital Adequacy Ratio (CAR) at 16.8 per cent.”
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