Q3 2022: Union Bank Records N18 Billion Profit

For the third quarter of 2022, Union Bank of Nigeria Plc has recorded a profit before tax of N18.2 billion, indicating a  14% increase compared to the N15.9 billion recorded in the same period last year.

The bank also recorded a profit after tax of N17.3 billion, which represents a 14.2% increase from N15.2 billion recorded in 2021. 

According to the bank, the growth in profits was supported by additional net interest income. 

During the period under review, the bank’s gross earnings rose by 12.4% to N140.6 billion compared to N125.2 billion in the first nine months of 2021. 

Customer deposits were up by 12.7% at N1.53 trillion from N1.36 trillion in December 2021 while the gross loan was up by 10% at N990.3 billion from N899.1 billion in December 2021. 

Joe Mbulu, Union Bank’s Chief Financial Officer, commenting on the performance, said, “Notwithstanding our deposit book growth, our focus on optimizing our funding costs has started yielding results which have driven profitability from gross revenues to the bottom line, with higher net revenue from funds (after impairment) in the period.