Union Bank Nigeria Plc has recorded strong growth at end of 2019 financial year, posting profit before tax of N24.7 billion. This represents a surge of 33 per cent compared with N18.7 billion reported in the preceding year.
The bank also recorded gross earnings of N159.9 billion from N140.1 billion achieved in the preceding year growing by 14 per cent.
Analysis of the bank result showed that
interest income up by 11 per cent to N116.5 billion from N104.8 billion made in 2018 financial year. Net interest income before impairment grew by one per cent to N51.7 billion against N50.9 billion in comparable period of last year. Non-interest income rose by 23 per cent to 43.3 billion from N35.3 billion driven by growth in fees and commission income as well as recoveries while net operating income went up by six percent to N95.5 billion from N89.7 billion in the comparative period.
Operating expenses on the other hand down by 0.4 per cent to N70. 8 billion from N71 billion in driven by our cost optimization programme
The bank said its performance demonstrated the impact of some of the key operational and cost savings initiatives that have been implemented to accelerate growth and profitability.
Commenting on the result, the chief executive officer of the bank, Mr Emeka Emuwa said the bank’s Bank’s strong overall performance has paved the way for a critical milestone. With the approval of the Central Bank of Nigeria, the Board of Directors will recommend a dividend payment to shareholders for the first time in over a decade. Returning value to our shareholders has been at the core of Union Bank’s transformation and continuous drive to become a leading financial institution in Nigeria.