Union Bank Nigeria Plc, Nigeria’s most reliable and trusted banking partner with the mission to make lives better by delivering the simplest, smartest solutions and guaranteeing the best experience every time recently released its Q1, 2019 financials to the public.
Union Bank Nigeria quarter 1, 2019 result revealed year on year drops in some of the bottom lines while the top line had positive performances all through. 32 percent drops in both the Net Interest Income and Net Trading ensured that the bank’s gains from 66 percent reduction in Impairment charges and 15 percent growth in Fee and Commission Income did not produce positive growth in After Tax Income for the bank
Detail ofUnion Bank Nigeria Plc Q1 results is as follows:
- Net Interest income dropped by 32 percent to N12.05 billion in Q1, 2019 from a reported Q1, 2018 figure of N17.83 billion.
- Net Fee and Commission income increased by 15 percent from N3.28 billion in Q1, 2018 to N3.77 billion recorded in Q1, 2019.
- Net Trading Income also dropped by 32 percent from N3.35 billion to N2.27 billion in Q1, 2019.
- Impairment Loss Charges dropped by 66 percent from N2.35 billion in 2018 Q1 to 806 million in Q1, 2019.
- Profit Before Tax also grew by 0.6 percent to N5.44 billion from N5.41million in Q1, 2018
- After Tax Profit however dropped by 0.4 percent from N5.29 billionin Q1, 2018 to N5.27 billion in Q1, 2019.
Union Bank Nigeria Plc Asset Base Q on Q increased to N1.521 trillion in March 2019 from N1.463 trillion in December 2018, representing a 4 percent drop. Customer Deposit also grew marginally to N867 billion in Q1, 2019 from N858 billion as at 2018 FY end, an increase of 1 percent.
Loan to customer for Union Bank grew from N473 billion in Q4, 2018 to N495 billion as at end of March 2019 representing a 5 percent growth. The Bank’s Shareholders Funds increased by 3 percent to N233 billion when compared to N226 billion in December 2018.
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