ADVERTISEMENT

Leading bank declares N118.4bn gross earnings in 2015

This is contained in a statement issued by the bank and made available to newsmen in Lagos.

Emeka Emuwa, Union Bank GMD

Union Bank of Nigeria Plc on Friday announced gross earnings of N118.4 billion for the financial year ended December 31, 2015.

According to the statement, this is against N109.8 billion declared in 2014, indicating an increase of eight per cent.

The bank's profit before tax stood at, ₦18.1 billion compared with ₦20.7 billion posted in the preceding period of 2014 including gain on sale of subsidiaries.

It stated that net interest income grew by six per cent to ₦53.8 billion against ₦50.6 billion in 2014, while asset yield stood at 16.4 per cent compared with 14.9 per cent in the previous year.

ADVERTISEMENT

The statement stated that the bank's expenses dropped by two per cent to N56 billion as against N57.2 billion recorded in 2014 in spite of continuous investments in people, technology and infrastructure.

It explained that the downward trend in expenses was achieved since 2012 from various cost transformation initiatives.

The statement added that customer deposits appreciated by 12 per cent from ₦507.4 billion to ₦569.1 billion in 2014, reflecting increased customer confidence, a re-energised brand and success of new products.

Commenting on the result, Mr. Emeka Emuwa, the bank's Chief Executive Officer, said that 2015 was a challenging year across board with significant operational and economic headwinds.

Emuwa said that the bank maintained its focus on business and transformation initiatives which yielded desired results notwithstanding the difficult operating environment.

ADVERTISEMENT

"With the launch of a re-energised brand identity and a retail model focused on customer needs, we increased our customer deposits by 12 per cent year-on-year," he said.

JOIN OUR PULSE COMMUNITY!

Unblock notifications in browser settings.
ADVERTISEMENT

Eyewitness? Submit your stories now via social or:

Email: eyewitness@pulse.ng

Recommended articles

Ita-Giwa launches Garri processing plant for Bakassi IDps

Ita-Giwa launches Garri processing plant for Bakassi IDps

Obama, Clinton support Biden at NYC fundraiser amid protests

Obama, Clinton support Biden at NYC fundraiser amid protests

Tinubu’s refusal to celebrate 72nd birthday marks great leadership - Rahman

Tinubu’s refusal to celebrate 72nd birthday marks great leadership - Rahman

Adamawa Police reaffirms ban on motorcycles in Yola

Adamawa Police reaffirms ban on motorcycles in Yola

You make bold decisions & live with consequences - Ondo Gov hails Tinubu at 72

You make bold decisions & live with consequences - Ondo Gov hails Tinubu at 72

170 electrical vandalism cases in 2 years, 100 charged to court - EEDC

170 electrical vandalism cases in 2 years, 100 charged to court - EEDC

Tinubu appoints Bello as chairman of code of conduct bureau

Tinubu appoints Bello as chairman of code of conduct bureau

Don't curse, condemn Nigeria in your sermons - Tinubu tells clerics

Don't curse, condemn Nigeria in your sermons - Tinubu tells clerics

Lagos postpones eagerly anticipated Easter boat regatta indefinitely

Lagos postpones eagerly anticipated Easter boat regatta indefinitely

Pulse Sports

Nigeria vs Mali: Has Finidi George done enough to land Super Eagles job permanently?

Nigeria vs Mali: Has Finidi George done enough to land Super Eagles job permanently?

I want to emulate Keshi and win the AFCON - Finidi George shares ambitious Super Eagles dream

I want to emulate Keshi and win the AFCON - Finidi George shares ambitious Super Eagles dream

Michelle Alozie: I had to do it because of African referees

Michelle Alozie: I had to do it because of African referees

AC Milan star reveals he was named after Super Eagles legend Tijani Babangida

AC Milan star reveals he was named after Super Eagles legend Tijani Babangida

Give him the job! Super Eagles fans beg NFF to make Finidi George permanent coach after Nigeria's win over Ghana

Give him the job! Super Eagles fans beg NFF to make Finidi George permanent coach after Nigeria's win over Ghana

Super Eagles 2-1 Black Stars: Nigerians praise Iwobi, Lookman, Finidi George after friendly victory against Ghana

Super Eagles 2-1 Black Stars: Nigerians praise Iwobi, Lookman, Finidi George after friendly victory against Ghana

ADVERTISEMENT
ADVERTISEMENT