Nigerian Lender Union Bank Declares $33m Half Year Profit

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For the half-year (H1), which ended June 30, 2019, Union Bank of Nigeria (UBN), posted an N12.1 billion ($33 million) Profit Before Tax (PBT), a four per cent growth over the ₦11.7 billion reported in H1 2018.

In the unaudited report, released yesterday, UBN’s gross earnings declined nine per cent to ₦76.0 billion against ₦83.3 billion in H1 2018, due to a decrease in average earning assets. The Interest income was also down eight per cent to ₦57.3 billion from 62.2 billion a year earlier.

The bank’s Net interest income after the impairment was up three per cent to ₦30.5 billion above ₦29.7 billion in H1 2018; supported by an aggressive drive in collections

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