BUSINESS

Union Bank Grows Annual Profit To N29bn

 

Union Bank of Nigeria has bolstered its performance in the financial year 2022.

This was shown in the audited statement submitted to the Nigerian Exchange.

Nigeria’s tier-2 lender grew annual profit by 51.2% to N29 billion, its audited financial statement disclosed.

Despite macroeconomic headwinds, the bank reported double-digit growth at the top and bottom lines.

Detail from the results shows that UBN gross earnings jumped up by 19% to ₦208.2 billion in 2022 compared with ₦175.0 billion reported in 2021.

The uptick was driven by strong growth in net interest income following the monetary authority’s hawkish pose that started in May 2022.

Driven by growth in earning assets, the bank’s net interest income grew strongly in the year, up by 33% to ₦59.1 billion from ₦44.3 billion in 2021.

The audited statement showed that net operating income after impairments charge inched higher 10% to ₦110 billion from ₦99.7 billion in 2021.

In 2022, the bank’s profit before tax increased by 47% to ₦30.2 billion from ₦20.5 billion in 2021 following management effort to curtail operating expenses amidst a rising headline inflation rate.

 

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