Union Bank has released its audited financial statements for the year ended 31st December 2021, reporting 8.9% growth in gross earnings from N161bn in 2020 to N175bn in 2021.
Major highlights of the results indicate that the bank’s net operating income after impairments dropped by 3.6% to N99.7bn from N103.4bn while its non-interest income was up by 26.7% to N55.7bn (N44.0bn in FY 2020).
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Profit before tax was down by 19.3% to N20.5 billion from N25.4 billion in 2020 while profit after tax was N16.9bn, a drop of 9.4%. Despite a 98% drop in loan losses, net interest after impairments still suffered a 25.40% decline at N44.50 billion
Commenting on the results, the CEO of the bank, Emeka Okonkwo said: “The bank will continue to focus on broadening and deepening its strong foundations while enhancing digital delivery platforms and service propositions to customers.
“As we turn a new chapter for our bank with a new core investor expected to come on board, we are proud of the solid foundation built over the last ten years and look forward to a seamless transition and continued successes in the future.”
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