• Monday, May 27, 2024
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Union Bank swings to 2012 pre-tax profit


Union Bank said on Tuesday it had posted a pre-tax profit of N9.06 billion in 2012, compared with a N107.68 billion loss a year earlier.

Gross earnings rose by 33 percent to N112.79 billion, from N85.1 billion the previous year, the bank said in a filing with the Nigerian Stock Exchange (NSE).

Union Bank had in 2010 sold a 60 percent stake to a group of institutional investors led by African Capital Alliance private equity for $750 million to help it recapitalise.

The bank was one of nine lenders that the central bank spent N620 billion bailing out in 2009, after it judged they were grossly under capitalised. Its losses in 2011 were largely owing to write downs of bad debt.