Union Bank of Nigeria 2016 profit rose by 6%

Date:

Union of Nigeria Bank plc said its profit grew slightly by 6%.

Thank you for reading this post, don't forget to subscribe!

Union bank plc ended the year with interest income of NGN98.0 million compared to NGN90.9 million recorded in the year before. Its interest expense for the year NGN32.9 million against NGN35.2 million recorded in 2015.

Net interest income  of NGN65.0 million fr fourth quarter 2016 compared to NGN55.6 million recorded in the financial year 2015. Its operating income for the year was NGN77.0 million versus NGN71.9 million recorded in the previous year.

Its profit before taxation for the year was NGN15.7 million in contrast to NGN14.7 million recorded in the year 2015. After deducting the tax expense for the year, union bank profit for the year rose by 6% to NGN15.3 million against NGN14.3 million recorded in the financial year 2015.

The company’s total assets for the year  in review was 1.2 billion compared to 1.0 billion recorded in 2015. Its Total liabilities for the year was NGN981.0 million in contrast to NGN802.9 million recorded in 2015.

Atlas Mara, its major shareholder has also revalued its stake in Union Bank. The company noted earlier today that the value of its 31% equity stake in Union Bank of Nigeria has fallen to USD291.4 million compared to USD395.9 million in 2015.

This was attributed to “Naira devaluation executed by the Central Bank of Nigeria during June 2016, with the Naria losing value from December 2015 close at NGN 199, to NGN 250 in June 2016, to a December 2016 official closing rate of NGN 304 vs the US$”.

Peter Okafor
Peter Okaforhttp://Naija247news.com
Peter Okafor Financial Journalist | Editor | Contributor Overview: Peter Okafor is a seasoned Financial Journalist, astute Editor, and valued Contributor at Naija247news Media Group. With an unwavering passion for dissecting complex financial landscapes, Peter has become a trusted name in delivering incisive and insightful coverage of economic events, market trends, and corporate dynamics. Professional Journey Peter's journey in financial journalism has been marked by a commitment to excellence. Joining the ranks of Naija247news, he has consistently demonstrated a keen understanding of the intricate interplay between finance and the global socio-economic fabric. Expertise: Specializing in financial markets, economic analyses, and business developments, Peter Okafor has honed his expertise over the years. His ability to unravel intricate financial narratives and present them in a comprehensible manner sets him apart in the world of financial journalism. Contributions As an Editor and Contributor, Peter has played a pivotal role in shaping the narrative of Naija247news. His contributions extend to thought-provoking articles, in-depth market analyses, and coverage of key events that impact the financial landscape. Educational Background: Peter holds a degree in Journalism, complemented by specialized courses in Finance and Business Reporting. His educational foundation has provided him with the tools to navigate the intricate world of financial journalism. Innovation and Adaptability: In an era of evolving media landscapes, Peter Okafor exemplifies innovation and adaptability. Leveraging digital platforms and emerging technologies, he ensures that financial insights reach a diverse audience, fostering financial literacy and awareness. Awards and Recognition: Peter's commitment to journalistic excellence has not gone unnoticed. He has been the recipient of several awards, recognizing his outstanding contributions to the field of financial journalism. Vision for the Future: Looking ahead, Peter Okafor envisions a future where financial journalism continues to empower individuals, shape economic policies, and drive positive change. His dedication to staying at the forefront of financial news underscores his commitment to this vision. Connect with Peter Okafor: - LinkedIn: [Peter Okafor](#) - Twitter: [@PeterOkafor_N247](#) In the dynamic realm of financial journalism, Peter Okafor stands as a stalwart, combining experience, expertise, and a forward-looking vision to illuminate the path of financial understanding for a global audience.

Share post:

Subscribe

Popular

More like this
Related

Access Holdings to pay N1.80 as final dividend to shareholder

March 28, 2024. Azonuchechi Chukwu. Access Holdings has revealed plans to...

Police gun down two notorious bandits in Benue

March 28, 2024. Azonuchechi Chukwu. Men of Operation Zenda, a Joint...

Army declares eight wanted in connection with the k!lling of its officers in Okuama

March 28, 2024. Azonuchechi Chukwu. The Nigerian Army has declared eight...

Naira Appreciates Against Dollar at the NAFEM Window

March 28, 2024. Azonuchechi Chukwu. The Naira’s euphoric appreciation against the...
Social Media Auto Publish Powered By : XYZScripts.com

Discover more from Naija247news

Subscribe now to keep reading and get access to the full archive.

Continue reading