Union Bank grows pre-tax profit to N18.5bn

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Union Bank of Nigeria Plc has recorded 33 percent growth in profit before tax (PBT) to N18.5 billion for the year ended December 31, 2018. The bank’s financial report for the period released yesterday on the Nigerian Stock Exchange, NSE, showed that gross earnings fell to N145 billion from N168 billion in 2017, representing 11 percent decline over the one year period. Other highlights of the result showed that the Non-Performing Loan, NPL, ratio was down eight percent from 20.8 percent as at December 2017, while operating expenses grew by 12.4 percent to N75.0 billion from N66.7 billion in 2017. Union Bank The bank’s customer deposit also rose to N857.6 billion compared to N802.4 billion in the previous year.

The managing director, Emeka Emuwa, speaking on the result, said: “Our priorities in 2018 were three pronged: enhancing our productivity across board; tightening up our loan portfolio (especially resolving key large exposures which drove NPLs up significantly at the end of 2017); and optimizing the bank’s capital and funding base. “I am pleased to report that we made significant strides in each focus area. Notwithstanding a depressed economic environment and a challenging operating landscape, our efforts to optimise productivity delivered results.

Union Bank’s Group Profit Before Tax (PBT) is up 33% to ¦ 18.5 billion in 2018 from¦ 13.9 billion in 2017.” Chief Financial Officer, Joe Mbulu, commenting further on the 2018 results, attributed the decline in the gross earning to consequence of the loan book clean-up and resolution of key exposures. “Notwithstanding significant investments to execute our strategy including expanding our agency banking footprint and aligning compensation with market for our entry to mid-level employees, we are pleased that our core business delivered a 33 percent growth to our topline PBT,” he said.

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Samson Gbenga Salau [Editorial Board Adviser] Gbenga Samuel Salau is a professional journalist with over 17 years experience in journalism, he is a graduate of Communication and Language Arts, University of Ibadan. On completion of his youth service, he joined The Guardian as a freelance journalist and was later absorbed as a staff. While in the University, he was a campus journalist reporting for the Independence Hall and Faculty of Arts Press Clubs. As a campus journalist, he won the following awards; Independence Hall Press Best News writer; University of Ibadan Union of Campus Journalists’ Best News Reporter/Writer; First Runner-up, Reuben Abati Award for Investigative Journalism; Association of Faculty of Arts Students’ Press Best Reporter; University of Ibadan Union of Campus Journalists’ Best Political Writer; Winner, Reuben Abati Award for Investigative Journalism, and University of Ibadan Union of Campus Journalists’ Best Interviewer. He served the Association of Communication and Language Arts Students, as the Public Relation Officer, the same year he was appointed the News Editor of the Association of Faculty of Arts Students Press. The following session, he was made the General Editor, and a member of the 13-man University of Ibadan Students’ Union Transition Committee. As a reporter in The Guardian, in 2014, he won the Promasidor Quill Award Best Report on Nutrition and DAME Business Reporting category. In the 2015 edition of the Promasidor Quill Award, he won the best Report on Nutrition and Brand Advocate Categories, while in 2016, he won the NMMA Print Journalist of the Year, first runner-up Golden Pen Reporter of the Year and SERAs CSR Awards. Gbenga Salau loves traveling, reading, and listening to songs with good lyrics no matter the genre.

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