Union Bank of Nigeria Plc on Wednesday announced gross earnings of N93.44bn for nine months ended Sept. 30, 2016.
The bank, in a statement, said that this was against N83.72bn declared in the preceding period of 2015, indicating an increase 11.6 per cent.
The bank’s profit before tax stood at N13.28bn compared with ₦9.56bn posted in the preceding period of 2015.
Profit after tax stood at N13.01bn in contrast with N9.34bn posted in the corresponding period of 2015.
Similarly, its interest income increased to N70.96bn from N66.907bn in the preceding year, while total assets grew to N2.22tn from N1.05tn.
The bank’s total liabilities surged from N802.97bn to N961.12bn during the period under review.
However, its interest expense was down by 14 per cent to ₦22.8bn compared with₦26.5bn in the comparative period of 2015.
The bank’s Chief Executive Officer, Mr. Emeka Emuwa, attributed to growth to cost effective strategies introduced by the company.
He said, “Our core pre-tax profits are up 27 per cent to ₦12.4bn from N9.8bn during the same period in 2015, fuelled largely by interest income and our thriving retail business.
“We are encouraged by this performance which comes in the face of a recessionary environment, increased impairments and headwinds in our trade business due to scarcity of foreign exchange.
“Our steady effort to build a low cost, customer centric retail business over the past 18 months is demonstrating results and continues to win us a new, growing retail customer base.”
He said that the bank would continue to focus on executing its strategy, defend loan book and adhere to prudent risk management principles to achieve desired growth.