Union Bank Announces 6.7% Increase in Profit to N12.3bn

Kayode Tokede

Union Bank of Nigeria Plc has reported N12.3billion profit before tax in its unaudited half year (H1) financial statements for period ended June 30, 2022, representing an increase of 6.7 per  cent from N11.5billion reported in prior half year ended June 30, 2021.

The bank’s gross earnings was up by 12.5 per cent to N87.4billion in H1 2022 from N77.7billion in H1 2021, driven by higher earnings assets.

The profit & loss figures also revealed net operating income after impairments of 2.6 per cent increase to N49.6billion in H1 2022 from N48.3bn reported in H1 2021, driven by higher trading income.

In addition, the Operating expenses of Union Bank of Nigeria was up by 1.3per cent to N37.3billion from N36.8billion in H1 2021, over an outcome of higher non-discretionary regulatory costs and power costs.

From balance sheet position, Customer deposits was up by 7 per cent to N1.5 trillion as of June 30, 2022 from N1.4 trillion in Dec 2021, while Gross loans dropped by 0.4 per cent to N895.3billion from N899.1billion reported in 2021 full financier year.

Commenting on the results, Chief Executive Officer, Mr. Mudassir Amray, in a statement 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. In parallel, we are going full throttle on integrating the two banks to form a ‘stronger Union’ positioned to deliver value to all stakeholders, leveraging technology and digital innovation. The integration is expected to be completed by the end of the third quarter.”