Friday, November 22, 2024
Latest:
NEWSTOP STORY

Union Bank reports impressive H1 2016 results, PBT rises to N8.6bn

editor

Union Bank of Nigeria (UBN) has announced an impressive unaudited result and accounts for half year ended June 30, 2016 with profit before tax gaining 21 per cent from N6.6 billion in first half 2015 to N8.6 billion in H1 2016.

The group profit after tax also increased by 36 per cent to N8.8 billion from N6.5 billion recorded in prior half year of 2015.

Also, from UBN Income Statement, the group gross earnings rose by eight per cent from N55.4 billion to N60.1 billion.

Highlight of the bank’s financial statement for the half year under consideration shows that profit before tax closed at ₦9.1billion as against ₦10.2billion recorded in H1 2015.

Customer deposits up by six per cent to ₦604.5 billion in six months from ₦569.1 billion as at December 2015); as the bank improved service offerings continue to generate customer confidence.

Furthermore, gross loans up 33 per cent to ₦491.9 billion from ₦370.9 billion as at December 31, 2015.

Commenting on the Bank’s half year results, Chief Executive Officer, UBN, Emeka Emuwa, said: “Our sustained focus on executing Union Bank’s strategic transformation objective during the first half of 2016 has delivered growth in our core business, notwithstanding a difficult economic environment.

“The Bank recorded nine per cent year-on-year growth in core gross earnings, driven primarily by balance sheet optimisation.

“With the combination of an improved retail portfolio of product and service offerings, securities trading and efficient cost management, the Bank was  able to deliver ₦8.2billion in core PBT, up 23per cent when compared to ₦6.7billion in the same period in 2015.

“Our core business remains resilient in these challenging times and we maintain our commitment to delivering value to all our stakeholders. We also remain confident that our profit retention strategy will adequately support the Bank’s medium term growth objectives, and continue to strengthen our risk management to mitigate risk and losses,” he added.

Speaking further on the Bank numbers, Chief Financial Officer, Oyinkan Adewale said: “We are pleased that our focus on building the business fundamentals is yielding significant value across the Bank.

“With increasing consumer confidence in our products and services, we have increased our low cost deposits, making us less reliant on more expensive alternative funding sources. This has led to a 20 per cent reduction in cost of funds year-on-year.

“We are also seeing impact on non-interest revenue, which grew during the period. Excluding one-time gains on sale of subsidiaries, non-interest revenue is up by 27per cent to ₦14.9billion inH12016 compared to H1 2015.

“Not withstanding an inflationary environment, our operating costs remain in line with expectations, as our investments in technology continue to yield improved efficiency across the Bank.

“Our liquidity ratio, at 39 per cent, remains well in excess of the regulatory minimum. With a coverage ratio of 188 per cent, we believe that the loan book is well provisioned, given the current economic climate,” she added.

You May Also Like

Why US govt delisted Nigerian airlines from category one status —NCAA

editor

EFCC arrests 44 suspected internet fraudsters in Ibadan

editor

PDP will protect democracy, people’s will in Ondo-Makinde

editor

46 thoughts on “Union Bank reports impressive H1 2016 results, PBT rises to N8.6bn”

  • Io ero per il foodblog, che la padellata di “affari suoi fritti” è il piatto forte da sempre da queste parti. Però la nuova visionaria linea editoriale è un innovativa boccata d’aria nella stantia rete. Complimenti!

  • I would like to express thanks to the writer just for rescuing me from this type of matter. As a result of scouting throughout the the net and meeting notions which are not helpful, I figured my life was over. Being alive without the solutions to the difficulties you’ve sorted out all through the article is a serious case, as well as those which could have negatively affected my career if I hadn’t noticed your web blog. Your actual ability and kindness in dealing with the whole thing was excellent. I am not sure what I would’ve done if I hadn’t discovered such a thing like this. I’m able to now look forward to my future. Thank you so much for the high quality and sensible help. I won’t be reluctant to recommend the sites to anyone who wants and needs tips about this subject.

  • It is perfect time to make a few plans for the long run and
    it’s time to be happy. I’ve learn this publish and if I
    may I wish to recommend you few interesting things
    or suggestions. Perhaps you could write subsequent articles regarding this article.
    I wish to learn even more things approximately it! http://bing.org

  • ana una pregunta cuantas manzanas as utilzado por personas?

  • Can I just say what a relief to find somebody who really knows what theyre talking about on the internet. You definitely know the best way to bring an issue to light and make it necessary. Much more individuals have to read this and fully grasp this side of the story. I cant believe youre not a lot more preferred since you absolutely have the gift.

  • Hi my family member! I want to say that this article is amazing, nice written and come with approximately all important infos. I would like to look extra posts like this.

  • Hiya, I’m really glad I have found this information. Nowadays bloggers publish only about gossips and net and this is actually annoying. A good website with interesting content, that’s what I need. Thanks for keeping this web-site, I will be visiting it. Do you do newsletters? Can’t find it.

  • I???ê?ève browse via various of the critiques inside your internet site now. I truely enjoy the way you blog. I included it to one of my bookmarks and will also be coming back soon. Take a take a look at my personal internet website too and tell me what you feel about it.

  • An fascinating discussion may be worth comment. I’m sure that you can write much more about this topic, it will not become a taboo subject but generally individuals are not enough to talk on such topics. An additional. Cheers

  • As a Newbie, I am constantly searching online for articles that can aid me. Thank you

  • Hey this can be a great looking site, is wordpress? Forgive me for the dumb question – but if so, what theme is? Thanks!

  • 9/22/2016 at 17:23:56 Hello from danglekatangul

  • I have been surfing online more than 3 hours today, yet I never found any interesting article like yours.
    It’s pretty worth enough for me. In my view, if
    all webmasters and bloggers made good content as you did, the internet will be a lot more useful than ever
    before. http://yahoo.net

  • Well-written piece. I just now passed this on 9/24/2016 to a fellow student who’s been involved in some work of their own on this topic. To show their appreciation, she just bought me dinner! So, let me express my gratitude by saying: Cheers for the meal!

  • Well-written piece. I just sent this on 9/27/2016 to a fellow student who has been involved in some work of their own on this subject. To show his appreciation, they just bought me a drink! So, I should probably say: Thanks for the meal!

  • Good post however I was wanting to know if you could write a litte more on this subject? I’d be very thankful if you could elaborate a little bit more. Thank you!

  • Like the website– very user-friendly and lots to see!

  • I generally agree with your opinion on this topic and look forward to upcoming posts and comments here at business247ng.com. Keep up the good work!

  • 9/30/2016 I’m pleased by the manner in which business247ng.com covers this kind of topic. Usually to the point, sometimes controversial, always thoughtful and more often than not quite stimulating.

  • business247ng.com does it yet again! Very thoughtful site and a thought-provoking article. Thanks!

  • 10/2/2016 Love the website– extremely informative and a lot of stuff to consider!

  • 10/5/2016 @ 20:19:29 In my opinion, business247ng.com does a good job of handling topics like this! Even if frequently intentionally controversial, the material posted is more often than not well-written and challenging.

  • Undeniably consider that that you said. Your favorite reason appeared to be at the net the easiest factor to take into accout of. I say to you, I certainly get annoyed at the same time as folks think about issues that they plainly do not recognize about. You managed to hit the nail upon the top and also defined out the whole thing without having side effect , other folks could take a signal. Will likely be again to get more. Thanks

  • fantastic post, very informative. I wonder why the other specialists of this sector do not understand this. You must continue your writing. I am sure, you have a great readers’ base already!

  • Congrats for the noteworthy website you’ve created at business247ng.com. Your enthusiasm is absolutely contagious. Thanks again!

  • The blade is of excellent quality. Only the fittings are cheaply made. Everything else is top notch. The blade is sharp stong and heavy.. It is truly a weapon to behold. I love it.

  • I ordered this sword and was taking a big chance for me, but when it came i thought someone had made a mistake, this sword looks and feels like a much much more expensive sword.I have had all kinds of swords in my life but i’ve never seen one like this every detail is wonderful.

  • Given the price, I was a bit skeptical, but was surprised that the quality was awesome. Good weight and balance. Very sharp. Some reviews have complained that it is made in China, but the Chinese have been making swords for over 2000 years. This is a Ten Ryu katana. One of the better low price swords, since a real Japanese katana would cost between $5000 and $50,000. Dual mekugi pegs add strength so there is no looseness between the nakago and ho. The hamon doesn’t appear to be etched. I did however replace the saya with a leather wrapped one that I can wear over my shoulder.

  • Good, solid content. I just forwarded this on 10/12/2016 to a coworker who’s been doing some work of her own on the topic. To say thank you, she just bought me dinner! So, I guess I should say: Thanks for the drink!

  • I do not even know how I ended up right here, but I assumed this submit used to be good. I don’t know who you are but definitely you’re going to a famous blogger for those who aren’t already 😉 Cheers!

  • fantastic points altogether, you just won a new reader. What could you suggest about your publish that you just made a few days in the past? Any certain?

  • I have read so many articles or revikews concerning the blogger lovers but this piece of writing iis in fact a good paragraph, keep it up. http://fejk.eu/14

  • Great sword for the price, the swordsmith left his name and markings on the tang, it cam with a certificate of authenticity and also the way it was made.

  • Appreciate business247ng.com– very informative and lots to consider!

  • I wanted to write you this tiny note to be able to thank you as before regarding the nice concepts you’ve discussed on this website. It was certainly extremely open-handed of people like you to allow unreservedly all a lot of folks could have supplied as an e book in order to make some bucks for their own end, and in particular considering the fact that you might have tried it in case you decided. These smart ideas also acted to become great way to know that many people have similar zeal similar to mine to learn a great deal more in regard to this problem. Certainly there are thousands of more pleasurable times in the future for individuals that look over your blog.

  • 10/22/2016 I’m pleased by the manner in which business247ng.com covers this type of topic. Usually to the point, sometimes contentious, without fail well-written as well as stimulating.

Comments are closed.