By Emma Ujah, Abuja Bureau Chief
UNION Bank of Nigeria Plc has reported a profit before tax (PBT) of N15.5 billion on gross earnings of N163.8 billion for the financial year ended December 31, 2017.
Chairman of the bank, Mr. Cyril Odu, presented the bank’s group’s report to shareholders at the 49th Annual General Meeting (AGM) in Abuja. Other highlights of the bank’s financial performance in 2017 showed that interest income grew by 25 percent to N124.5 billion from N99.7 billion in 2016, as a result of the impact of naira devaluation on the foreign currency denominated loan book, government securities yields and loan book repricing.
Non-interest revenue also moved up by 31 percent to N39.3 billon from N29.9 billion in 2016, driven by improved fee and commission income, trading income and a more effective debt recovery machine.
However, operating expenses…
Read More…..Vanguard Newspaper
