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.
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