Union Bank, one of Nigeria’s longest-standing and most respected financial institutions, posted profit before tax of N16.0billion for the third quarter financial year ended September 30, 2021
The amount represents an increase of N1 billion or 0.63 per cent against N15.9 billion reported the same period of 2020.
The bank’s result released on Thursday showed that gross earnings up three percent to N121.8 billion against N118.8 billion recorded in 9 month of 2020.
Net operating income after impairments also rose by three per cent to N71.2 billion from N69.3 billion in 2020 driven by stronger non-interest income.
Non-interest income grew by 26 per cent to N42 billion against N33.4 billion in reported in 2020. The increased in non interest was supported by growth in fees and commission from e-business, credit and trade transactions as well as debt recoveries.
Operating expenses surged by 3 percent to N55.2 billion from N53.4 billion in nine Month of 2020, reflecting higher non-discretionary regulatory costs as well as depreciation and amortisation costs from technology spend.
Commenting on the results, Chief Executive Officer, Emeka Okonkwo, said:
“We continue to demonstrate the resilience of our business despite the volatility in the macro-economic environment, growing our gross earnings by 3 per cent and delivering stable Profit Before Tax of N16 billion. This stability is underpinned by our strategic focus on deepening our customer engagements and meeting their needs as we grow our core business.”