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Union Bank suffers further losses

31 July 2014, 14:28

Lagos - The fortunes of Union Bank Plc have continued to decline with the bank's half year profits slid by 34.08 percent.

For the first six months of the year, the bank’s gross earnings reduced by 11.69 percent to N49 .59 billion from N56.16 billion in the corresponding period of  half year (HY) 2013.

The bank recorded profit before tax (PBT) of N6. 46 billion in HY 2014, a 34.06 percent contraction from N9.80 billion recorded last year.

Profit after tax (PAT) shrank by 32.48 percent to N6.34 billion in HY 2014, compared with N9.39 billion as of HY 2013.

Union Bank was one of the eight Nigerian banks bailed out by the CBN.

The Bank's Net income, a measure of efficiency and profitability also reduced to 12.78 percent in 2014, compared with 16.72 percent in 2013.

The bank was however aggressive about lending as loans-to-deposit jumped to 54 percent in 2014, from 47.30 percent in 2013.

Total loans and advances to customer were up by 13.74 percent to N261.08 billion in HY 2014, from N229.54 billion as of HY 2013, while deposits from customers remained flat at N480 billion.

Total assets fell slightly by 2.13 percent to N979.73 billion in HY 2014, as against N1 trillion as of HY 2013.

– CAJ News

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