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Union Bank grows profit by 16% to N5.4bn in Q1

Union Bank of Nigeria (UBN) Plc, one of Nigeria’s oldest surviving and most respected financial institutions, has recorded considerable growth in key performance indicators in…

Union Bank of Nigeria (UBN) Plc, one of Nigeria’s oldest surviving and most respected financial institutions, has recorded considerable growth in key performance indicators in the first quarter of this year, giving prospects of better returns for the 2018 business year.

The bank’s interim report and accounts for the first quarter ended March 31, 2018 showed that gross earnings rose by 15 percent while profits before and after tax grew by 16 percent and 17 percent respectively. 

The first quarter earnings report, which was released alongside the audited report for 2017, yesterday, at the Nigerian Stock Exchange (NSE), showed that Union Bank improved on its performance in 2017.  

The three-month report showed gross earnings of N39.5 billion in first quarter 2018 as against N34.3 billion in first quarter 2017. Profit before tax rose from N4.7 billion in first quarter 2017 to N5.4 billion in first quarter 2018. Profit after tax also increased to N5.3 billion in first quarter 2018 compared with N4.5 billion recorded in comparable period of 2017. 

Chief Executive Officer of the bank, Mr. Emeka Emuwa, said the first quarter results reflected the bank’s renewed focus on driving efficiency and productivity with a view to fully leveraging resources including human, technology and new capital to maximize the bottom line.

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