Union Bank grows PBT by 11% to N13.2bn

Union Bank of Nigeria plc has released its unaudited results for the 9 months ended September 30, 2015, recording a profit before tax (PBT) of N13.2 billion, a growth of 11 percent from N11.89 billion in 2014, while its gross earnings rose to N86.4 billion, also an 11 percent growth from previous years figure.

In a statement on Monday, Emeka Emuwa, managing director/CEO, Union Bank plc, said: “Our gross earnings grew to N86.4 billion in the nine months ended 30th September 2015, representing an 11 percent increase compared to the corresponding period in 2014.”

“This earnings growth, coupled with sustained cost discipline has enabled the bank deliver a PBT of N13.2 billion, an 11 percent 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.”

According to him, as the bank gets set to launch its new identity, it has entered a new phase of our transformation, and “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.”

Further commenting on the 9-months’ financials, Oyinkan Adewale, chief financial officer of the bank, 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, which brought in a gain of N3.4 billion YTD Q3 2015 and N6.3 billion 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 percent growth over the same period in 2014.”

Adewale stated that the bank’s loan impairment charges continued to reflect its 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 2 percent 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,” Adewale said.

Further look into the financial reveal a 10.3 percent rise in total assets closing at N1.02 trillion as against N921 billion in 2014 while customers deposit rose by 4 percent from N302.4 billion in 2014 to N341.7 billion during the period under review.

Modestus Anaesoronye