FY 2019: Union Bank's profit leap by 37.1% (Analysis)

Union Bank Plc has released its Audited Group financial statements for the year ended December 31st, 2019. The financial statements demonstrate positive figures across most financial indicators. The breakdown of the report is shown below:

Gross earnings: Union Bank generated N166.5 billion in gross earnings as at December 2019, compared to N145.5 billion recorded as at the end of the 12 month period of 2018. This represents a 14.4% increase in gross earnings.

Net Interest Income: Similarly, the bank recorded N52.5 billion as net interest income as at December 2019 as against N51.5 billion recorded at the end of December 2018, representing an increase of 1.7%.

Profit Before Tax: As at the end of the fourth quarter of December 2019, the lender recorded N24.8 billion as profit before tax, up from N18 billion recorded at the end of December 2018. This represents an increase of 37.4%.

Profit After Tax: The bank recorded a profit of N24.3 billion for the 12-month period of 2019, compared to N17.7 billion recorded at the end of the December 2018, representing a 37.1% increase in profit after tax.

Earnings Per Share: Earnings Per Share for the bank also rose by 83 kobo for Full-year 2019, up from 59 kobo recorded as at the end of the December 2018.