Union Bank records N79.8bn half year PBT

The Union Bank of Nigeria has reported a profit before tax of N79.8 billion on gross earnings of N333 billion during the half year ended June 30, 2024 compared with a profit before tax of N66.5 billion on gross earnings of N210.5 billion during the corresponding period of 2023.

This represents a growth of 20 per cent in profit before tax and 58 per cent in gross earnings, a statement by the bank Tuesday indicated.

The result is despite the challenging operating environment which prompted the Central Bank of Nigeria (CBN) to intervene in the bank early in January 2024 by effecting a management change.

The bank achieved an increase in Gross Earnings by 58% to N333bn compared to N210.5bn in H1 2023.

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Net Operating Income after Impairments increased by 32% to N143.6bn from N108.5bn in H1 2023, attributed to enhanced interest income, fees, commissions, and margin expansion.

The bank however attributed the result to its “resilience and commitment to delivering results in uncertain times.”

The Managing Director and Chief Executive Officer of the bank, Yetunde B. Oni said, “I am pleased that Union Bank of Nigeria has delivered a progressive financial performance in the first half of the year, with a significant boost in Net Interest Income, Net Operating Income, and Net Trading Income.

“At the beginning of the year, our top priority was to keep the momentum going with a strong focus on stability following the intervention of the Central Bank of Nigeria. We also continued with the planned strategic priorities, which are centred around scaling our digital play, driving hypergrowth in target sectors, optimising our wholesale bank structure, aggressively ensuring recoveries of past-due obligations, and orchestrating a robust ecosystem play through existing and new partnerships.

“So far, we are seeing the direct impact of our strategy on our financial performance.”