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Home Business News

Union Bank releases FY 2019 financial result, profit up by 10.3%

Chike Olisah by Chike Olisah
March 6, 2020
in Business News, Company News, Company Results
Union Bank issues series 3 and 4 Commercial Paper, set to raise N20 billion, Union Bank downsizes operations, as MBU Capital acquires Union Bank of UK, Shareholders report Union Bank to Attorney General’s Office over proposed share dealing, Union Bank releases FY 2019 financial result, records profit increase, Union Bank Nigeria Plc posts N15.9 billion profit in 9M 2020, up by 2%

Emeka Emuwa, Group CEO-Union-Bank-Plc

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One of the oldest financial institutions in Nigeria, Union Bank Nigeria Plc (UBN), has just released its audited financial statement for the full-year 2019, which shows an improvement in most of the performance indicators.

In a notification that was sent to the Nigerian Stock Exchange (NSE), the banking group recorded a 10.3% growth in profit. The profit before tax as of December 31, 2019, was N20.35 billion as against the N18.45 billion that was achieved for the corresponding period for 2018.

In the same vein, the profit after tax for 2019 was N19.87 billion. This is against the N18.09 billion that was recorded for the corresponding period for 2018. This represents a 9.8% increase.

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The gross earnings for full-year 2019 stood at N166.54 billion as against the N145.5 billion that was recorded for the corresponding period of 2018. This represents a 14.45% increase.

Union Bank's statement

The net interest income as of December 31, 2019, was N52.5 billion as against the N51.6 billion that was achieved for the corresponding period for 2018. This shows a 1.8% increase.

The net fee and commission income for full-year 2019 stood at N11.3 billion as against the N10.9 billion that was recorded for the corresponding period for 2018. This shows a 3.8% growth.

(READ MORE: Union Bank downsizes operations, sells UK arm to MBU Capital)

The loans and advances to customers showed remarkable improvement as a total of N550. N6 billion was disbursed to them as of December 31, 2019, against the N473.46 billion that was disbursed for the corresponding period in 2018. This shows an approximately 16.3% increase.

This rise in the amount of credit facility that was granted to customers could be attributed to the recent policy of the Central Bank of Nigeria (CBN) that increased the loan to deposit ratio (LDR) for banks to 65%.

You can download the full report here.


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Tags: CBNLDRNSEUnion BankUnion Bank Nigeria PlcUnion Bank's FY 2019 financial result
Chike Olisah

Chike Olisah

Chike was a banker with over 11 years experience in retail and commercial banking, risk management, treasury portfolio management and relationship management. He also acquired some experience in financial management and do have some special interest in investment analysis and personal finance. He had stints with financial institutions like the former Intercontinental Bank and Fidelity Bank.

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Comments 2

  1. Anonymous says:
    March 7, 2020 at 3:35 pm

    Check your numbers, these are not correct.

    Reply
  2. Anonymous says:
    March 10, 2020 at 11:31 am

    your numbers are so wrong

    Reply

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