Union Bank Records N14billion Profit After Tax

Union Bank of Nigeria has posted a profit after tax of N14 billion as indicated in its audited results for the financial year ended 31 December, 2015.

The result represents a 29 per cent increase from the N11.1 billion recorded in 2014 and saw gross earnings for the bank up 8%; excluding gain on sale of subsidiaries, gross earnings up 11%.

Profit before tax for the bank, was ₦18.1bn (₦20.7bn in 2014 including gain on sale of subsidiaries); excluding gain on sale of subsidiaries, is₦14.6bn (₦14.4bn in 2014).

The bank’s balance sheet showed a more diversified income streams: with securities trading contributing 4.3 per cent of gross earnings vs 2% in 2014; 84%growth in E-business income, with almost 400% increase in Point of Sale terminal fees and 134% increase in card fees.

Chief Executive Officer,Emeka Emuwa, who commented on the bank’s 2015 results, said: “2015 was a challenging year across board, with significant operational and economic headwinds.”