{"id":9229,"date":"2016-10-26T14:15:39","date_gmt":"2016-10-26T13:15:39","guid":{"rendered":"http:\/\/nationalwire.com.ng\/?p=9229"},"modified":"2016-10-26T21:27:56","modified_gmt":"2016-10-26T20:27:56","slug":"unaudited-result-union-bank-post-n13-2bn-pbt-for-9months-as-deposit-base-rises-to-n618-30bn","status":"publish","type":"post","link":"https:\/\/nationalwire.com.ng\/sub\/unaudited-result-union-bank-post-n13-2bn-pbt-for-9months-as-deposit-base-rises-to-n618-30bn\/","title":{"rendered":"Unaudited Result: Union Bank Post N91.4bn Gross Earnings for 9months \u2026 as deposit base rises to N618.30bn"},"content":{"rendered":"

\"image001\"<\/a><\/p>\n

Unaudited Result: Union Bank Post N91.4bn gross earnings for 9months<\/strong><\/p>\n

\u2026 as deposit base rises to N618.30bn<\/strong><\/p>\n

Friday Ekeoba<\/p>\n

Despite the hash economic realities, Union Bank of Nigeria Plc, Wednesday, posted N91.4 gross earnings profit in its nine months unaudited result ended 30 September, 2016.<\/p>\n

Similarly, the bank grew its profit before tax to N13.2 billion, this indicating a 27 per cent rise over the corresponding period of 2015.<\/p>\n

The bank\u2019s gross earnings showed a growth trajectory of 7 per cent, as it closed the nine months period under consideration at N91.4 billion, compared to N90.6 billion recorded in 2015.<\/p>\n

According to the financial highlights of the bank obtained from the floor of Nigerian Stock Exchange and the bank, the positive earnings of the bank in the period under consideration was achieved excluding gains on sales of subsidiaries which some financial institutions leverage on to boost their bottom-line.<\/p>\n

Further x-ray of the bank\u2019s financial state of health for the period showed that interest income was up by six per cent to close the year at N69.2 billion, this the bank explained was specifically driven by improved asset yields from 14.2 per cent in 9M 2015 to 16.1 per cent in 9M 2016.<\/p>

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Advertisement<\/div>\r\n\t\t\t\t\t\t\t<\/a>\r\n \r\n\t\t\t\t\t\t\t<\/div>\n

The Interest expense for the bank was down by 14 per cent to \u20a622.8bn (\u20a626.5bn in 9M 2015) driven by lower funding costs even as Primary cost of funds declined to 5.27 per cent in 9M 2016 from 6.58 per cent in 9M 2015.<\/p>\n

Similarly, net revenue before impairment was up 20 per cent to \u20a646.4bn (\u20a638.8bn in 9M 2015) as a result of 6 per cent interest income growth and 14 per cent interest expense growth. \u201cOur Net interest margin grew from 8.76 per cent to 9.97 per cent\u201d the bank noted.<\/p>\n

However, further in the financial position of the bank, it explained that Impairment recorded during its operations for the period was up by \u20a68.4billon to \u20a612.8billion just as Non-Performing-Loan Ratio increased to 9.4 per cent from 7.0 per cent in December 2015.<\/p>\n

Other plausible side of the banks financial statement showed that in the period under review, it was able to increase its gross loans by 39 per cent, customer deposit by 9 per cent to N618.30billion, mitigate operating expenses in spite of current inflationary pressures and consistent with investments in technology and network infrastructure even as Non-interest revenue climbed by 10 per cent to N22.1 billion<\/p>\n

Commenting on the Bank\u2019s results for the nine month period, the Chief Executive Officer, Emeka Emuwa, \u00a0said: \u201cOur core pre-tax profits are up 27 per cent to \u20a612.4billion from N9.8billion during the same period in 2015, fuelled largely by interest income and our thriving retail business. We are encouraged by this performance which comes in the face of a recessionary environment, increased impairments and headwinds in our trade business due to scarcity of foreign exchange. While the operating environment remains a challenge, we will continue to focus on executing our strategy, defending our loan book and adhering to prudent risk management principles.\u2019<\/p>\n

Speaking further on the Bank\u2019s numbers, Chief Financial Officer, Oyinkan Adewale said: \u201cOur revenues are up across board and the Bank\u2019s asset yields improved from 14.2 per cent to 16.1 per cent when compared to same period in 2015. Our non-interest revenue is up 27 per cent, excluding one-time gains, on the back of treasury and channel banking revenues in the retail business. We continue to manage our cost of funds, resulting in 14 per cent reduction in interest expenses year-on-year, notwithstanding a 9 per cent growth in customer deposits and 25 per cent increase in medium term borrowings. Our cost optimisation initiatives continue to yield good results; cost-to-income ratio has improved to 62 per cent from 70 per cent in the previous year. Cost-to-income is buoyed by income and operating expenses in line with expectations in spite of inflationary and devaluation pressures. We will continue to implement our cost discipline initiatives across the Bank to stay within our cost targets.\u201d<\/p>\n

\u201cOur steady effort to build a low cost, customer centric retail business over the past 18 months is demonstrating results and continues to win us a new, growing retail customer base, as well as industry recognition with our recent Business Day Award for the Most Improved Retail Bank in Nigeria\u201d, he added.<\/p>\n","protected":false},"excerpt":{"rendered":"

Unaudited Result: Union Bank Post N91.4bn gross earnings for 9months \u2026 as deposit base rises to N618.30bn Friday Ekeoba Despite the hash economic realities, Union Bank of Nigeria Plc, Wednesday, posted N91.4 gross earnings profit in its nine months unaudited result ended 30 September, 2016. Similarly, the bank grew its profit before tax to N13.2 …<\/p>\n","protected":false},"author":11,"featured_media":9230,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[23,17,624],"tags":[36,818,740,575],"coauthors":[2392,2393],"class_list":["post-9229","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-business","category-news","category-politics","tag-cbn","tag-ndic","tag-nse","tag-sec"],"yoast_head":"\nUnaudited Result: Union Bank Post N91.4bn Gross Earnings for 9months \u2026 as deposit base rises to N618.30bn - National Wire<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/nationalwire.com.ng\/sub\/unaudited-result-union-bank-post-n13-2bn-pbt-for-9months-as-deposit-base-rises-to-n618-30bn\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Unaudited Result: Union Bank Post N91.4bn Gross Earnings for 9months \u2026 as deposit base rises to N618.30bn - National Wire\" \/>\n<meta property=\"og:description\" content=\"Unaudited Result: Union Bank Post N91.4bn gross earnings for 9months \u2026 as deposit base rises to N618.30bn Friday Ekeoba Despite the hash economic realities, Union Bank of Nigeria Plc, Wednesday, posted N91.4 gross earnings profit in its nine months unaudited result ended 30 September, 2016. 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