Union Bank announces profit growth of 14 percent in Q3

Union Bank Nigeria Plc, has recorded a Profit Before Tax, PBT, of N18.2 billion for the third quarter 2022, Q3’22 representing an increase of 14% from N16.0 billion recorded in the corresponding period of 2021, Q3’21.

The Bank’s gross earnings went up 12.4% to N140.6billion in Q3’22 from N125.2billion in Q3’21 driven by higher earning assets while the net operating income after impairments grew by 7.3% to N76.3billion from N71.2 billion in Q3’21 driven by higher interest income.

According to the report filled with the Nigerian Exchange Limited, NGX, the Bank’s Non-interest income down 32.7% to N28.3billion as against N42 billion in Q3’21 due to lower recoveries.

Commenting on the results, the Managing Director, Mudassir Amray, said: “Our strategy remains on track, with good delivery in all areas. This was reflected in more consistent top-line growth, robust lending pipelines across our businesses, and rising lending to key sectors.

“As we look towards the rest of the year, we retain a cautious outlook on the external risk environment believing that the lows of recent quarters are behind us. This confidence, together with our focus on building on our efficiency, expanded synergies and robust cost control, will put the Bank in a stronger position.”




FI