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Union Bank records N30.2bn gross profit for 2022

Union Bank of Nigeria Plc. has recorded a N30.2 billion growth in profit before tax for the 2022 financial year, from N20.5bn posted in 2021.…

Union Bank of Nigeria Plc. has recorded a N30.2 billion growth in profit before tax for the 2022 financial year, from N20.5bn posted in 2021.

According to its audited financial statements for the year ended December 31, 2022, the performance was a 47 per cent increase during the period.

Its gross earnings also went up by 19% to N208.2bn from N175bn posted in 2021, driven by strong growth in Net Interest Income which was up by 33% to N59.1bn (N44.3bn in 2021).

While Net Operating Income after impairments was up by 10% to N110bn (N99.7bn in 2021), the statement revealed that operating expenses marginally grew by 0.4% to N79.4bn from N79.2bn in 2021, reflecting tight cost control despite inflationary pressures.

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Gross loan was up 11% at N1.0trn while customer deposits increased by 9% at N1.48trn from N1.36trn in December 2021.

The bank also grew its retail deposits by 14% to N675.8bn from N594.9bn in 2021.

Commenting on the results, the bank’s MD/CEO, Mudassir Amray, said: “Despite the macroeconomic headwinds of 2022, we recorded strong performance across key financial and operational indicators. On the back of this, we are increasing our customer acquisition and engagement, translating into higher revenues across our regions.”

On the outlook of the bank this year, Amray said: “We also look forward to completing the merger of Union Bank of Nigeria and Titan Trust Bank, which began in 2022. The transition has gone smoothly, and I am confident that the combination will make us more formidable and well-positioned to capitalise on market opportunities.”

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