This represents 11 per cent increase over N11.89 billion posted in the corresponding period in 2014. Also, its profit after taxation rose to N13.0 billion as against N11.79 billion in quarter three (Q3) 2014, representing 11 per cent increase.
Meanwhile, the bank has assured that it would maintain a stable outlook for the rest of the year, while revealing its readiness to launch a new brand identity during the course of the year.
Highlights of the unaudited financial statement of the bank released on the Nigerian Stock Exchange, NSE, showed that Union Bank recorded net Interest Income was up four per cent to N38.8 billion compared to N37.2 billion in Q3 2014.
While total assets grew by 10.3 per cent to N1.02 trillion from N921 billion in December 2014, net loans & advances rose by 13 per cent to N341.7 billion from N302.4 billion as at December 2014.
Commenting, Mr. Emeka Emuwa, Managing Director/CEO, UBN said: “Our gross earnings grew to N86.4 billion in the nine months ended 30th September 2015, representing an 11 per cent increase compared to the corresponding period in 2014.This earnings growth, coupled with sustained cost discipline has enabled the bank deliver a profit before tax, PBT, of N13.2 billion, an 11 per cent increase over the same period last year.
Also speaking, Chief Financial Officer, Mrs. Oyinkan Adewale, said: “We are pleased with the financial performance of the bank during a particularly challenging period for the industry as a whole. Excluding the sale of subsidiaries (gain of N3.4 billion YTD Q3 2015 and N6.3billion YTD Q3 2014), Union Bank recorded PBT of N9.8 billion for the period under review, up by N4.2 billion and representing a 74 per cent growth over the same period in 2014.Read more
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