Union Bank Plc, one of Nigeria’s oldest tier 2 lenders and 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 Q3, 2019 financials to the public.
The bank’s 9 months 2019 result revealed a growth of 4% in its Post Tax Profit. The profit growth was occasioned by a 10% increase in Fee and Commission income and a positive Net Impairment charges for Credit Loss of N3.8 billion compared to Credit Loss of N7.4 billion in same period in 2018.
Here are the highlights of the Q3 2019 results releasedby Union Bank Plc
- Gross Earning up by 4% from N112.2 billion to N117.2 billion in Q3 2019
- Net-interest income down by 18% from N49.4 billion to N40.5 billion in Q3 2019
- Net Fee and Commission Income up by 10% from N8.7 billion to N9.5 billion in Q3 2019
- Net Trading Income down by 38% from N7.7 billion to N4.7 billion in Q3 2019
- Operating Income down by 2% from N72.7 billion to N71.4 billion in Q3 2019
- Net Credit Loss Expense was down by 151% from -N7.4 billion to +N3.8 billion in Q3 2019.
- Total Operating Expenses down by 3% from N57.9 billion to N56.2 billion in Q3 2019
- Profit Before Tax up by 5% to N15.6 billion from N14.9 billion in Q3 2018
- Post Tax Profit also up by 4% from N14.7 billion to N15.2 billion in Q3 2019.
The Earning Per Share of Union Bank Plc also increased Year-on-Year by 5% from 49 kobo per share in September 2018 to 51 kobo per share in September 2019.
The Balance Sheet size of Union Bank had an impressive 9 months growth for the period ended 31stSeptember 2019.
- Total Assets up by 23% from N1.46 trillion in December 2018 to N1.80 trillion in Q3 2019
- Customer deposits also up by 4% from N857.6 billion to N892.9 billion in Q3 2019.
- Customer loans and advances up by 12% from N473.5 billion in December 2018 to N528.9 billion in September 2019
- Union Bank’s Total Equity was also up by 7% from N225.6 billion to N241.9 billion in Q3 2019.