The Union Bank of Nigeria Plc, yesterday released its 2015 half year financial statement to the Nigerian Stock Exchange (NSE) in Lagos.
The bank’s gross earnings grew by 17 per cent in the first half of 2015, compared to half year in2014. The bank delivered profit after tax of N10.2 billion, a 53 per cent increase over the same period in 2014.
Excluding the gain on the sale of subsidiaries, the bank delivered profit before tax of N6.7 billion, a 134 per cent increase over the first half of 2014.
Deposits of Union Bank also continue to move in the right direction with 8 per cent growth when compared to December 2014. Non-volatile deposits alone grew by N55.7 billion during the first half of 2015.
Chief financial officer of the bank, Mrs. Oyinkan Adewale said, “This was a good performance for the bank across most financial metrics, which can be attributed to our improving fundamentals and operational discipline. In addition to the 53 per cent growth in the bank’s profit before tax, the group’s PBT also grew. The group’s profit before tax increased by N4.4 billion in half year 2015, representing a 161 per cent growth over the same period last year, and excluding the sale of subsidiaries.
For the second half of 2015, our focus remains on continuing to manage funding costs, reducing operating expenses and minimising impairment costs through proactive risk management. We will also continue leveraging technology to enhance customer experience and reduce the cost of servicing customers.”