Union Bank of Nigeria Plc announces its group unaudited financial statements for the quarter ended 30th June, 2022, posting profit before tax of N12.3 billion.
The bank recorded growth of 6.7 per cent compared with N11.5 billion in the first half of 2021.
According to the bank’s financial result for the period,gross earnings up by 12.5 per cent to N87.4 billion from N77.7 billion reported in the 2021 driven by higher earning assets.
Net operating income after impairment surged by 2.6 per cent to N49.6 billion from N48.3 billion while non interest income down by 24.1 per cent N21.1 billion against N27.7 billion made in the same period of 2021 due to foreign exchange revaluation loss.
Operating expenses on the other hand went up by 1.3 per cent to N37.3 billion fr N36.8 billion at the end of June 2021.
Commenting on the results, Chief Operating Officer of the Bank, Mudassir Amray, said: “Following the successful acquisition of majority shares of the Bank by Titan Trust Bank, we are now focused on strengthening the core business and improving operational efficiencies across board.”
