The 2019 Half Year financial report of Union Bank of Nigeria Plc has revealed a marginal increase of 3.45% in the lender’s Profit After Tax (PAT) as at June 30, 2019 compared to same period in 2018.
This, together with the results of other Key Performance Indicators (KPIs), is contained in the Half Year 2019 Unaudited Financial Statements of Union Bank posted on the Nigerian Stock Exchange (NSE) website on Monday.
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The Profit Before Tax (PBT) rose from N11.664 billion in same period last year to N12.126 billion in the period under review, implying an increase of 3.96%.
Equally, the bank’s PAT grew from N11.458 billion declared at Half Year 2018 to N11.853 billion recorded this year.
Regardless of the positive drift, gross revenue suffered 8.78% depreciation, sliding from N83.333 billion in June 2018 to N76.017 billion this year.
Interestingly, the factor behind Union Bank’s success during the period despite the conspicuous fall in its revenue was the fund recovered from loans and advances already written off by the bank.
The figure, standing at N4.485 billion and reflecting as Net Impairment Charge for Credit Losses on the Profit/Loss Statement, was significant enough to stimulate a rise in the bank’s profit.
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Earnings Per Share (EPS) gained 5.26% to close at 40k, up from 38k at Half Year 2018.
Earnings Per Share is the profit that each unit of a company’s ordinary shares yields during a particular period. It is simply calculated by dividing the Profit After Tax by the company’s total outstanding shares. Increase in a company’s EPS often reflects improvement in its bottom-line while a fall, on the other hand indicates a declining profit.
Union Bank currently trades on the floor of the NSE at N6.85 per share.