Union Bank Plc has announced a six per cent rise in gross earnings to ₦118.8 billion from ₦111.9bn in nine months of 2019, it said in its third quarter audit report.
Profit before tax went up 2percent to ₦15.9bn from ₦15.5bn in 9 months of 2019 while interest income also grew by 1percent at ₦85.4bn from ₦84.9bn in nine months of 2019.
Operating expenses were relatively flat at ₦53.4bn from ₦53.2bn in 9M 2019, despite currency depreciation, inflationary pressures and unplanned Covid-19 related expenses.
The bank loans went up 14percent to ₦678.0bn from ₦595.3bn in Dec 2019, reflecting the impact of our targeted lending to the real sector.
Customer deposits also went up 28percent to ₦1.1tr from ₦886.3bn in December 2019.
The CEO, Emeka Emuwa, CEO said: “Notwithstanding the realities of a tougher operating environment arising from the ripple effects of the Covid-19 pandemic, the Bank delivered a 6percent growth in gross earnings from ₦111.9 billion in 9M 2019 to ₦118.8 billion in 9M 2020. In addition, net interest income before impairment rose by 15percent to ₦41.7 billion, while non-interest income grew by 23percent to ₦33.4 billion.
“We reached a major milestone as our customer deposits crossed the ₦1 trillion mark this quarter, growing by 28percent to ₦1.1 trillion compared to ₦886.3 billion at the end of 2019. This reflects increasing customer loyalty and our intense retail drive. Our customer acquisition strategy has been reinforced by the versatility of our digital platforms and channels which continue to drive customer satisfaction.”
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