Union Bank has released its unaudited financial statements for third quarter ended September 30, 2020 with profit before tax up two per cent to N15.9bn from N15.5bn in 2019.
Gross earnings were up six per cent for the nine months to N118.8bn from N111.9bn posted in 2019, driven by an increase in earning assets.
Interest income grew by one per cent at N85.4bn from N84.9bn in 2019.
Net interest income before impairment was up 15 per cent to N41.7bn from N36.4bn in 2019, driven by increase in earning assets and lower interest expense.
Non-interest income was up 23 per cent to N33.4bn from N27.1bn in 2019, supported by increased trading income and asset revaluation gains.
Commenting on the results, Chief Executive Officer, Union Bank, Emeka Emuwa, said, “Notwithstanding the realities of a tougher operating environment arising from the ripple effects of the Covid-19 pandemic, the bank delivered a six per cent growth in gross earnings from N111.9bn in nine months 2019 to N118.8bn in 9M 2020.
In addition, net interest income before impairment rose by 15 per cent to N41.7bn, while non-interest income grew by 23 per cent to N33.4bn.
“We reached a major milestone as our customer deposits crossed the N1tn mark this quarter, growing by 28 per cent to N1.1tn compared to N886.3bn at the end of 2019. This reflects increasing customer loyalty and our intense retail drive. Our customer acquisition strategy has been reinforced by the versatility of our digital platforms and channels which continue to drive customer satisfaction.
“We grew our loan book by 14 per cent to N678.0bn from N595.3bn in December 2019 as we cautiously extended credit to the real sector. We will continue to explore bankable lending opportunities in the Nigerian economy guided by our robust risk management practices.