Union Bank of Nigeria Plc full
year 2014 result shows profit before tax (PBT) was up 635% to N27.7
billion as against N3.77 billion as at December 2013.
The bank’s full year audited financial results for the
year ended December 31, 2014 currently at the Nigerian Stock Exchange
(NSE) also shows significant growth in net operating income and improved
cost to income ratio.
One-off gains from sale of subsidiaries adds significant
boost to Union Bank’s profits. It posted strong profitability at bank
and group level, an indication of positive financial indicators heading
into 2015.
Customer deposit was up 9% to N527.6 billion (N482.7
billion as at December 2013); net interest income (NII) after impairment
charge was up 4% to N47.0 billion (N45.2 billion as at December 2013).
Net operating income grew by 34% to N85.7 billion (N63.9 billion as at
December 2013). Total expenses remained flat at N58.7 billion (same as
at December 2013). Total comprehensive income (post tax and exceptional
items) grew by 59% to N26.20 billion (N16.53 billion as at December
2013).
Loan to deposit ratio stood at 64% against 52% as at
December 2013. Non-performing loan (NPL) ratio stood at 5.03%, lower
than 5.86% as at December 2013. Net interest margin was 8.24% (8.31% as
at December 2013).
Cost to income ratio (CIR) (excluding staff restructuring
costs) declined to 63% as against 75% as at December 2013. Return on
equity stood high at 12.7% against 2.1% as at December 2013). Earnings
per share (EPS) rose to 157 kobo (it was 37 kobo 2013).
Commenting on the full year results, Emeka Emuwa, managing
director/CEO of Union Bank Plc, said: “2014 was focused on implementing
the foundational pillars of our transformation strategy with a vision
to rebuild Union Bank into a highly respected provider of financial
services in Nigeria.”
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