Union Bank Records 47.95% Drop In Profits In 2015

Union Bank of Nigeria Plc released its financial results for the full year ended 31st December 2015. The result showed that Net interest income increased by 6.97% from N52 billion in 2014 to N55 billion in 2015, while commission fees and other income reduced by 24.19% from N10.1 billion in 2014 to N7.6 billion in 2015.

Although the bank reduced its operating expenses by 2.11% from N59.4 billion to N58.1 billion in 2015, pre-tax profits declined by 46.75% from N27.1 billion to N14.4 billion in 2015.

Profit after tax also declined by 47.95% from N26.6 billion to N13.8 billion in 2015.

Union Bank was trading at N5.60 as at press time.

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