Union Bank of Nigeria has posted a profit before tax of N79.8 billion during the half year which ended June 30, 2024.
The profit came from a gross earnings of N333 billion. This is a 20 per cent growth compared with a profit before tax of N66.5 billion on gross earnings of N210.5 billion during the corresponding period of 2023.
Applauding the feat in a statement, the bank said the accomplishment demonstrates it’s resilience and commitment to delivering results in uncertain times.
Commenting on the results, Managing Director and Chief Executive Officer of the bank, Yetunde Oni said Union Bank of Nigeria has delivered a progressive financial performance in the first half of the year, with a significant boost in Net Interest Income, Net Operating Income, and Net Trading Income.
He added, “At the beginning of the year, our top priority was to keep the momentum going with a strong focus on stability following the intervention of the Central Bank of Nigeria. We also continued with the planned strategic priorities, which are centred around scaling our digital play, driving hypergrowth in target sectors, optimising our wholesale bank structure, aggressively ensuring recoveries of past-due obligations, and orchestrating a robust ecosystem play through existing and new partnerships.
“So far, we are seeing the direct impact of our strategy on our financial performance. We achieved a substantial increase in Gross Earnings by 58% to ₦333bn compared to ₦210.5bn in H1 2023. Net Operating Income after Impairments increased by 32% to ₦143.6bn from ₦108.5bn in H1 2023, attributed to enhanced interest income, fees, commissions, and margin expansion. Similarly, we achieved Profit Before Tax (PBT) of ₦79.8bn, representing 20% growth compared to ₦66.5bn in H1 2023.
“In pursuit of our strategic priority to scale our digital play, Union Bank successfully launched its digital lending platform, UnionKash. This platform enables existing and new-to-bank customers to access soft loans easily. Since its launch in the first quarter of the year, over 14,000 customers have successfully accessed soft loans through the USSD code *826*41#.
Oni noted that the achievements reflect the remarkable resilience and dedication of the staff, who, and he said, have been instrumental in navigating the challenges of a demanding operating environment despite the pressures of inflation, exchange rate volatility, and increased operational costs, our team has remained steadfast and committed to delivering excellence.
He expressed deep gratitude to the bank’s customers, whose loyalty, he said, has been unwavering. Noting that their trust and continued patronage have been vital to the bank’s success.
Oni acknowledged the support from regulators as the bank navigated the complexities of operating environment.
