Union Bank of Nigeria Plc has released its unaudited financial statement for first-quarter (Q1) period ended March 31st, 2020. The report, which was published on the Nigerian Stock Exchange website, showed relative improvements across key financial indicators. As always, the summary is presented below.
Gross Earnings: The bank’s gross earnings during the period under review increased by 16.5% to N43.9 billion, up from N37.6 billion in Q1 2020.
Net Interest Income: In Q1 2020, Union Bank’s net interest income stood at N14.9 billion, up from N10.9 billion. This represents a 36.9% increase.
Total expenses: During the period, Union Bank’s total expenses increased slightly by 2.7% to N18 billion, up from N17.5 billion in Q1 2020.
PBT & PAT: Profit before tax from continued operations stood at N6.3 billion, up from N5 billion in Q1 2019. In the same vein, profit after tax from continued operations in Q1 2020 stood at N6 billion, up from N4.9 billion during the comparable period in 2019.
You may download the full report here.