LAGOS—UNION Bank of Nigeria Plc has announced impressive financial
performance for the nine month period ended September 30, 2015 with the profit
before tax for the period growing to N13.17 billion.
This represents 11 per cent increase over N11.89 billion posted in the
corresponding period in 2014. Also, its profit after taxation rose to N13.0
billion as against N11.79 billion in quarter three (Q3) 2014, representing 11
per cent increase.
Meanwhile, the bank has assured that it would maintain a stable outlook
for the rest of the year, while revealing its readiness to launch a new brand
identity during the course of the year.
Highlights of the unaudited financial statement of the bank released on
the Nigerian Stock Exchange, NSE, showed that Union Bank recorded net Interest
Income was up four per cent to N38.8 billion compared to N37.2 billion in Q3
2014.
While total assets grew by 10.3 per cent to N1.02 trillion from N921
billion in December 2014, net loans & advances rose by 13 per cent to
N341.7 billion from N302.4 billion as at December 2014.
Commenting, Mr. Emeka Emuwa, Managing Director/CEO, UBN said: “Our gross
earnings grew to N86.4 billion in the nine months ended 30th September 2015,
representing an 11 per cent increase compared to the corresponding period in
2014.This earnings growth, coupled with sustained cost discipline has enabled
the bank deliver a profit before tax, PBT, of N13.2 billion, an 11 per cent
increase over the same period last year.
“Looking towards the end of the year, we remain confident that the
fundamentals of our business will remain strong, spurred by the momentum of our
refreshed brand. As we get set to launch Union Bank’s new identity, we have
entered a new phase of our transformation. Our new brand identity positions us
competitively in the industry and we are confident in our ability to deliver a
superior customer experience to our existing customers and attract a new base
of customers.”
Also speaking, Chief Financial Officer, Mrs. Oyinkan Adewale, said: “We
are pleased with the financial performance of the bank during a particularly
challenging period for the industry as a whole. Excluding the sale of
subsidiaries (gain of N3.4 billion YTD Q3 2015 and N6.3billion YTD Q3 2014),
Union Bank recorded PBT of N9.8 billion for the period under review, up by N4.2
billion and representing a 74 per cent growth over the same period in 2014.
Our loan impairment charges continue to reflect our cautious approach to
loan growth and our outlook as we anticipate the impact of economic headwinds
on business activity. Even as we continue to invest in our branch
infrastructure and step up marketing and communications initiatives, total
expenses for the period are two per cent lower than the same period in 2014. As
we go into the final quarter of the year, we expect to sustain this level of
performance, leveraging on our new brand identity.
Other highlights of the results showed that net operating income was up
two per cent to N55.5 billion from N54.5 billion in Q3 2014. Total expenses
were down by two per cent to N42.3 billion from N43.1 billion in the
corresponding period in 2014. Customer deposit also increased four per cent,
rising to N526.1 billion from N507.4 billion in the corresponding period.
Business vanguard: By Nkiruka Nnorom
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