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Home Markets Equities Company Results

Union Bank’s profits increase by 3.6% in nine months  

Joseph Olaoluwa by Joseph Olaoluwa
October 30, 2019
in Company Results, Markets
Union Bank 

Union Bank's Group CEO, Emeka Emuwa

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Union Bank of Nigeria Plc has released its unaudited financial statements for the period ended September 30, 2019. The financial statements demonstrate positive figures across most financial indicators. The breakdown of the report is shown below:

Gross Earnings: Union Bank generated N122.19 billion in gross earnings as at September 2018 compared to N117.15 billion recorded as at the end of the nine month period of 2019. This represents a decrease of 4.12%.

[READ MORE: MTN Nigeria records 28.9% profit growth in nine months]

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Profit Before Tax: As at the end of the third quarter of September 2019, the lender recorded N15.64 billion as profit before tax, up from N14.85 billion recorded as at the end of the third quarter of September 2018. This represents an increase of 5.3%.

Profit After Tax: The bank recorded a profit of N15.19 billion for the nine-month period of 2019, compared to N14.66 billion recorded at the end of the nine months period for 2018. This represents a 3.6% increase in profit after tax.

Earnings Per Share: Union Bank recorded 49kobo as earnings per share as at the end of the third quarter of 2018 compared to 51 kobo as at the end of the third quarter of 2019.

Download the full report here.


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Tags: COMPANY RESULTSOn the MoneyUnion Bank of Nigeria PlcUnion Bank's 9 months results
Joseph Olaoluwa

Joseph Olaoluwa

Reincarnated as a lover of stocks, Angel investors, seed funds, and anything aligned to tech or startups raising money, Joseph's work at Nairametrics involves following the money to wherever it leads. Before joining Nairametrics, he won an investigative journalism fellowship with ICIR, appeared in several national dallies, with hard-hitting opinions, features and investigative pieces. He has also engaged in content marketing and copywriting for a top e-commerce firm in Nigeria.

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