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  • Business - Market Data
  • Updated: April 30, 2020

NSE: Union Bank Generates N42.6bn Gross Earnings

NSE: Union Bank Generates N42.6bn Gross Earnings

 

Union Bank of Nigeria Plc on Wednesday released its unaudited financial statement for the first quarter (Q1) ended March 31, 2020, to the Nigerian Stock Exchange (NSE).

According to the report, the Bank recorded gross earnings of N42.6 billion which represents 18% against the record of N36.1% in 2019

The bank's recorded N6.2 billion Profit Before Tax (PBT) which is a 19% increase against N5.2 billion and the interest income rose by 18% to N29.7 billion against N25.2 billion in 2019.

Also, The bank’s net interest income appreciated by 38% to N14.8 billion while Non-interest income appreciated by 18% to N12.9 billion against N10.9 billion in 2019.

Commenting on the results, Mr. Emeka Emuwa, the bank’s Chief Executive Officer, said, “Our gross earnings are also up by 18% to ₦42.6 billion from ₦36.1 billion in Q1 2019.

“Our platforms and channels continue to drive our performance as Non-Interest Income increased by 18% from ₦10.9 billion in Q1 2019 to ₦12.9 billion for the period with e-business fees contributing ₦2.1 billion, a 71% growth compared to Q1 2019.

“The current COVID-19 pandemic presents daunting challenges for the global economy and consequently Nigeria and our business.

“Our focus in the short term is on ensuring business continuity through our strong operational risk framework;

*Ensuring the health and wellbeing of our employees by adopting stringent health and safety protocols at our operating branches and offices; and supporting our customers through the crisis.

“We have reinforced our digital platforms to continue delivering value and convenience to our customers while aligning our focus areas to where opportunities emerge during and post COVID-19.

“We will continue to support the government, private entities, and our communities in the fight against COVID-19,”.

Also, the Chief Financial Officer, Mr. Joe Mbulu, said: “Headline numbers delivered 19% growth in Profit Before Tax to ₦6.2 billion compared with ₦5.2 billion in Q1 2019.

“Our operational efficiency also improved with Cost-Income Ratio, declining YoY to 74.3% from 76.9% in Q1 2019 as our cost optimization program continues to yield results.

“We have also kept NPL ratios flat currently at 5.9% compared to 5.8% as of December 2019.

“While the current COVID-19 pandemic has dimmed the global economic outlook for the year, we will leverage our strong capital position with Capital Adequacy Ratio (CAR) at 19.9% and our solid risk management framework toward delivery of our 2020 objectives,” Mbulu said.

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