National Wire About Nigerians, Nigerian Business and Other Stories
Shareholders at the 48th Annual General Meeting of Union Bank Plc plans to launch a rights issue in the second quarter of 2017 to raise up to Fifty Billion Naira (N50 billion) in Tier 1 capital as it looks to accelerate business growth and position as a leading commercial bank in Nigeria.
The additional funding will also allow the bank to maintain compliance with regulatory capital requirements.
The bank reported a profit after tax (PAT) of N15.4billion on gross earnings of ₦126.6 billion for the financial year ended December 31, 2016 Compared with a PAT of ₦14.3 billion on gross earnings of ₦117.2 billion in the corresponding period of 2015, this represents a growth of eight per cent in net profit and in earnings respectively.
