Union Bank increase earnings by 8% in HY1 2016

 
In spite of challenges facing Nigeria economy, Union Bank of Nigeria Plc has been able to declared impressive half year 2016 results.

The bank in its half year interim report for the period ended 30 June, 2016 released to the Nigerian Stock Exchange (NSE) in Lagos shows that gross earnings rose by 8.45 per cent (N4.680 billion) from N55.389 billion earned during the half year of 2015 to end half year 2016 at N60.069 billion.

The interest income grew from N42.690 billion to N44.344 billion in 2016 half year while group reduce its interest expense by 18.42 per cent from N16.421 billion spent in half year 2015 to N13.397 billion in half year 2016.

It’s operating income rose by N2.039 billion, from N35.853 billion to N37.892 billion at the end of half year 2016.

The profit before tax of the group added N2.418 billion when compared with N6.507 billion it made in 2015 half year to N8.925 billion at the end of current half year.

Also, the profit after tax increased by N2.400 billion to end half year 2016 with N8.761 billion from N6.361 billion. Its retained 14.58 per cent of its gross earnings as profit after tax in half year 2016 as against 11.48 per cent it retained during the half year 2015.

Earnings per share appreciates by 40.54 per cent from 37 kobo in 2015 to 52 kobo at the end of review period.

Union Bank of Nigeria total assets improve from N1.046 trillion of full year 2015 results to N1.152 trillion. The total liabilities of the group went up from N802.971 billion to N899.277 billion at the end of half year 2015 which is not encouraging.

The bank paid AMCON surcharge of N2.486 billion compared to N2.302 billion paid in 2015. It’s also paid NDIC premium of N1.325 billion as against N1.175 billion paid in 2015.