Union Bank of Nigeria Plc, recently published its audited financial statements for the year ended December 31st, 2018 showing a decline in its gross earnings by 11.19% from N163.8 billion in 2017 to close the current period of 2018 at N145.5 billion.
Profit before Tax (PBT) grew to ₦18.453 billion representing 32.57% better than 2017 record of N13.919 billion. The company’s Profit After Tax (PAT) also advanced by 39.09% to close the year under review at N18.093 billion away from N13.008 billion reported same period previous year of 2017.
The group reports of the financial institution revealed a growth in its Net Interest Income after impairment by ₦17.664 billion or 43.01% to settle at N58.724 billion from N41.060 billion recorded in the corresponding period of 2017.
Fee and commission income for the period grew by 12.89% from N12.458 billion reported in the full year of 2017 to N14.064 billion recorded in the current period of 2018.
Fee and commission expenses grew also by 9.64% to arrive at N2.468 billion from N2.251 billion in 2017.
The company total expenses on personnel, depreciation, amortization and operation soared by 12.45% to N75.040 billion in FY’18, compared to the N66.728 billion spent in FY’17.
The Bank that has a long and proud history dated back to 1917, when it first opened its doors for business as the Colonial Bank grew it current Earning Per Share to N0.62 from N0.45 reported in 2017 and this represents 39.09%
With about 29 billion units of outstanding share and stock reference price at the close of market on Tuesday April 2nd, 2019 the company’s PE ratio stood at 10.70x while Earnings yield stood at 9.34%.
Union Bank of Nigeria (“UBN”) was established in 1917 and is one of Nigeria’s long-standing and most respected financial institutions, offering a portfolio of banking services to individuals, SMEs, commercial and corporate clients. With a robust geographical network comprising more than 300 service centres and over 950+ ATMs spread across Nigeria, it has remained committed to helping individuals, families and businesses grow for nearly a century.