Union Bank’s MD, Emuwa explains reasons behind profit after tax, assures on growth
Union Bank of Nigeria (UBN) Plc has reported a profit before tax of N15.7 billion for the year ended December 31, 2016.
The profit was made from gross earnings of N126.6 billion in 2016, which is eight per cent above the N117.2 billion in 2015.
Explaining more on why the result was looking good, Managing Director of UBN, Mr. Emeka Emuwa said “In 2016, we focused on executing our priorities across the different business segments, especially in the retail space, with an aggressive strategy to increase adoption of our alternate channels. Our success in this area, along with improved core interest earnings, contributed to pre-tax profit growth of six per cent, compared to 2015.”
He averred that the bank’s research led to product development strategy which toned up sales with boost on target marketing drives all joined forces to grow deposit base by 15 per cent, compared to 2015, and a 73 per cent increase in new-to-bank customers.
A breakdown of the performance indicators showed that gross loans relied on the impact of devaluation on foreign currency loans to hit N535.8 billion, up by 38 per cent from N388.8 billion in 2015.
Within the period, customers’ deposits grew by 11 per cent from N569.1 billion to N633.8 billion, while shareholders’ funds appreciated by eight per cent to settle at N251.3 billion, from N233.5 billion in 2015. UBN ended the year with total assets of 1.124 trillion, showing an increase of 12 per cent, compared with N1.001 trillion in 2015.
