Union Bank Plc released its 2013 Q1 results with Gross Earnings remaining flat at N29.8billion (2012Q1: N29.8billion). Net Interest Income was N15.3billion at the end of the period (2012 Q1: N15.3billion). Pre-tax profit for the period was N7.7billion up from N5.4billion posted in the same period 2012.
- Interest Margin Shrank 7% when compared to same period last year
- Profit margin rose 50% to N26.1% on the back of cost reduction and write backs from loan impairments
- Operating Expenses dropped a massive N2billion compared to same period last year
- Income from commission and fees dropped a massive 18% to N7.4billion
- It appears organic income for the period all saw a decline which somehow dampens the positive they got from reducing operating cost.
- Due to lower than preferred organic net income the results is a red ink
Union Bank Plc 2013 Q1 was posted on the website of the NSE