2017 results: Union Bank Plc profits dip 4.5%

Union Bank recently released its financial statements for the year ended December 2017.

Here are the key highlights of the results;

Gross Earnings rose from N129 billion in 2016 to N163 billion in 2017. This represents a 26.3% increase year on year.

Profit Before Tax for the bank dropped slightly from N15.7 billion in 2016 to N15.5 billion in 2017.This represents a 1.2% decline year on year.

Profit after tax also dropped from N15.3 billion in 2016 to N14.6 billion in 2017. This represents a 4.5% decline year on year.

Earnings per share also dropped from N0.92 in 2016 to N0.81 in 2017. This amounts to a 11.9% fall year on year.

The bank did not declare any dividends for the 2017 financial year.

Union Bank closed at N6.75 in yesterday’s trading session, down 0.75%. The bank made N163 billion as gross earnings.