Half year: Union Bank Records N11.3b After-tax profit

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Union Bank

Union Bank of Nigeria has recorded a profit after tax of N11.3bn in the half of year 2013.

In a statement by the Head, Corporate Affairs of the bank, Mr. Francis Barde, the figure which represents a 52 per cent increase from the N7.5bn it reported for the same period in 2012, is on the gross earnings of N48.1bn in the period under review, up by five per cent from N46.0bn made in the same period in 2012.

Mr.Francis added that the bank’s profit before tax was N11.6bn for the first half of 2013, indicating a 54 per cent rise from what it made in the first half of 2012, while group profit before tax was N9.8bn. Group profit after tax was N9.4bn.

The Group Managing Director of the bank, Mr. Emeka Emuwa, was quoted as saying, “In the second quarter of 2013, Union Bank stayed the course of profitability. We are pleased with this continued profitability as we manage the many elements of our transformation programme and work hard towards achieving our goal of building a reliable, customer-focused institution.”

Meanwhile, Mr. Oyinkan Adewale, the Executive Director and Chief Financial Officer, Union Bank attributed the second quarter profitability to a combination of cost management measures and certain non-recurring items.

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