The Board of Directors of Union Bank Plc has announced that it would observe the close period of trading with effect from October 7, 2019, in respect of the company’s third-quarter unaudited financial statements.
This was disclosed in a notification which was sent to the Nigerian Stock Exchange (NSE).
The lender also said that its board would meet on October 21, 2019, to approve the results for Q3 2019.
[READ MORE: Union Bank announces death of its Chairman]
Why this matters: The close period will allow the board to consider the company’s unaudited financial statements for the third quarter. Other company issues will also be discussed during the meetings.
What is a close period? A close period is a period before the release of a company’s result or financial statement when of course, those with sensitive information are not allowed to trade on the stock. These individuals may include company directors, audit committee members, persons discharging managerial responsibility, employees and consultants with sensitive information.
A look into the company’s half-year financials: The Bank’s Profit Before Tax (PBT) rose from N11.6 billion in Half Year 2018 to N12.1 billion in 2019 in the period under review, leading to an increase of 3.96%.
Equally, the bank’s PAT grew from N11.4 billion in HY 2018 to N11.8 billion recorded in 2019.
About the lender: Union Bank was established in 1917 and is one of Nigeria’s long-standing and most respected financial institutions, offering a portfolio of banking services to individuals, SMEs, commercial and corporate clients.
[READ ALSO: Access Bank and Union Bank refute acquisition rumours, but history contradicts claims]
With a laudable geographical network comprising more than 300 service centres and over 950+ ATMs spread across Nigeria, the lender has been serving customers and bank users across the country nearly a century now.
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