Union Bank Grows Profit To N13.2bn In Q3

The Union Bank of Nigeria (UBN) Plc yesterday released its unaudited report for the third quarter indicating appreciable growths in gross and net earnings as the first generation bank prepares to unveil its new technology-driven banking model and brand.

Key highlights of the interim report and accounts of the lender for the nine-month period ended September 30, 2015 showed that its gross earnings and profit before tax grew by 11 per cent each as the commercial bank grew its total assets by 10.3 per cent to N1.02 trillion. Gross earnings rose to N86.4 billion in third quarter 2015.

Net interest income grew by four per cent from N37.2 billion in third quarter 2014 to N38.8 billion in 2015. Profit before tax rose to N13.17 billion as against N11.89 billion recorded in comparable period of 2014 while profit after tax increased from N11.79 billion to N13.08 billion.

Its Managing Director, Mr Emeka Emuwa, said the bank had combined improvement in top-line with disciplined cost management to sustain profit growth.

He noted that as the bank is set to launch its new identity, it has entered a new phase of transformation as the new brand identity will further enhance its competitiveness in the industry.

“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,” Emuwa said.

He assured that the bank would deliver a superior customer experience to its existing customers and attract a new base of customers with a view to sustaining its fundamental performance and delivering competitive returns to investors.

Its Chief Financial Officer, Mrs. Oyinkan Adewale said the bank has continued to maintain cautious and prudent approach to its provisioning and cost management in order to ensure that its fundamentals are premised on steady and sustainable footing.

“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,” Adewale said.