Skip to main content

UBN declares N93.44bn gross earnings in nine months

Lagos – Union Bank of Nigeria (UBN) Plc on Wednesday announced gross earnings of N93.44 billion for nine months ended Sept. 30, 2016.
This is contained in a statement issued by the bank and made available in Lagos.
The bank said that this was against N83.72 billion declared in the preceding period of 2015, indicating an increase 11.6 per cent.

The bank’s profit before tax stood at N13.28 billion compared with ₦9.56 billion posted in the preceding period of 2015.
Profit after tax stood at N13.01 billion in contrast with N9.34 billion posted in the corresponding period of 2015.
Similarly, its interest income increased to N70.96 billion from N66.907 billion in the preceding year, while total assets grew to N2.22 trillion from N1.05 trillion.
The bank’s total liabilities surged from N802.97 billion to N961.12 billion during the period under review.
However, its interest expense was down by 14 per cent to ₦22.8 billion compared with₦26.5billion in the comparative period of 2015.
Commenting on the result, Mr Emeka Emuwa, the bank’s Chief Executive Officer, attributed to growth to cost effective strategies introduced by the company.
“Our core pre-tax profits are up 27 per cent to ₦12.4bn from N9.8bn during the same period in 2015, fuelled largely by interest income and our thriving retail business.
“We are encouraged by this performance which comes in the face of a recessionary environment, increased impairments and headwinds in our trade business due to scarcity of foreign exchange.
“Our steady effort to build a low cost, customer centric retail business over the past 18 months is demonstrating results and continues to win us a new, growing retail customer base,” Emuwa said.
He said that the bank would continue to focus on executing its strategy, defend loan book and adhere to prudent risk management principles to achieve desired growth.

Comments

Post a Comment

Follow Us

WHAT'S HOT

Best Gaming Linux Distros You Need To Try In 2017

Gaming on Linux scene is improving each year with better hardware support and increasing support from game developers. Apart from established distros like Ubuntu and Arch Linux, gamers are using gaming Linux distros like Steam OS to get a better experience. The other It’s gaming operating systems are Sparky Linux – Gameover

FAISS: Facebook Just Released A New Open Source Library For Clustering Big Data

FAISS is an open-source library released by Facebook for similarity search and clustering high-dimensional data. This library finds application in complex datasets like images and videos which could not fit in RAM all at once.

KDE Neon 5.11 Linux Distro Released- Download ISO Files Here

The major features of this release were better notifications, redesigned settings app, improved task manager, and new Vault app. Soon after this release, KDE Neon developers also shipped their brand new release, i.e., KDE Neon 5.11.

Poco F2 Pro 5G Officially Launched Globally With Snapdragon 865

After months of wait, Poco has officially launched Poco F2 Pro. The phone is a sequel to the Poco F1 which was a huge success for the company back in 2018. It is also the second Poco contender in 2020. In February, the Poco brand revealed a new phone lineup and launched Poco X2. The phone was priced at Rs 15,999 and featured similar specs of Redmi K30, a Xiaomi flagship that was launched back in 2018. The company has applied the same strategy for today’s launch. As we expected, Poco F2 Pro bundles all the specs of Redmi K30 Pro that Xiaomi launched last month. Poco F2 Pro Specifications, Availability and Price Unlike the Poco X2, the phone offers a circular camera at the back and a pop-up selfie camera at the front as opposed to the regular dual-hole punch cutout on the display of Poco X2. Poco F2 Pro comes with a 6.67-inch FHD+ AMOLED display with a 92.7% screen to body ratio. On top of that, the phone has an in-display fingerprint sensor to keep up with...