One of Nigeria’s oldest but consistently vibrant financial houses, Union Bank Plc, has released its unaudited financial statements for the first quarter (Q1) ended March 31, 2020.
High points of the bank’s financials revealed a profit before tax which rose by 19 percent to N6.2billion (N5.2billion in Q1 2019). Gross earnings increased by18percent to N42.6billion (N36.1billion in Q1 2019); driven by an increase in earning assets.
Also, there was an18percent growth by Interest income which rose to N29.7billion (from N25.2billion in Q1 2019). Net interest income before impairment rose by 38percent to N14.8billion (N10.8billion in Q1 2019), driven by the growth in treasury assets.
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Non-interest income also experienced an increase, going 18percent to N12.9billion (N10.9billion in Q1 2019), driven by robust trading income, growth in e-business and revaluation gains.
Commenting on the results, Emeka Emuwa, CEO Union Bank said: “Coming off a strong 2019, we maintained a focus on executing our strategic priorities in Q1 2020, delivering double-digit growth across all our major income lines.
Profit Before Tax (PBT) grew by 19percent to N6.2billion from N5.2billion in Q1 2019. Our Gross Earnings are also up by 18percent to N42.6billion from N36.1billion in Q1 2019. Our platforms and channels continue to drive our performance as Non-Interest Income increased by 18percent from N10.9billion in Q1 2019 to N12.9billion for the period with e-business fees contributing N2.1billion, a 71percent growth compared to Q1 2019″.
“The current COVID-19 pandemic presents daunting challenges for the global economy and consequently Nigeria and our business. Our focus in the short-term is on ensuring business continuity through our strong operational risk framework; ensuring the health and well-being of our employees by adopting stringent health and safety protocols at our operating branches and offices; and supporting our customers through the crisis.
“We have reinforced our digital platforms to continue delivering value and convenience to our customers while aligning our focus areas to where opportunities emerge during and post COVID-19.
