Union Bank of Nigeria Plc has posted 19 per cent growth in its profit before tax for the first quarter ended March 31 2020.
According to the unaudited financial statements for the quarter released to the Nigerian Stock Exchange, the bank’s profit before tax rose to N6.2bn from N5.2bn reported in Q1 2019.
In the same vein, its profit after tax from continued operations in Q1 2020 stood at N6bn, up from N4.9bn during the first quarter in 2019.
Gross earnings grew by 18 per cent to N42.6bn from N36.1bn in Q1 2019, driven by an increase in earning assets.
Interest income was up by 18 per cent to N29.7bn from N25.2bn posted in Q1 2019 while net interest income before impairment was up by 38 per cent to N14.8bn from N10.8bn from in Q1 2019 driven by the growth in treasury assets.
Commenting on the results, the bank’s Chief Executive Officer, Emeka Emuwa, said, “Coming off a strong 2019, we maintained focus on executing our strategic priorities in Q1 2020, delivering double-digit growth across all our major income lines.”
He added, “The current COVID-19 pandemic presents daunting challenges for the global economy and consequently Nigeria and our business. Our focus in the short term is on ensuring business continuity through our strong operational risk framework; ensuring the health and well-being of our employees by adopting stringent health and safety protocols at our operating branches and offices; and supporting our customers through the crisis.”