Union Bank has announced its unaudited financial statements for third quarter ended September 30, 2020 with profit before tax up two per cent to N15.9 billion from N15.5 billion in 2019. Gross earnings were up six per cent for the nine months to N118.8 billion from N111.9 billion posted in 2019, driven by an increase in earning assets.
Interest income grew by one per cent at N85.4 billion from N84.9 billion in 2019. Net interest income before impairment was up 15 per cent to N41.7 billion from N36.4 billion in 2019, driven by increase in earnings assets and lower interest expense. Non-interest income was up 23 per cent to N33.4 billion from N27.1 billion in 2019, supported by increased trading income and asset revaluation gains.
Commenting on the results, Emeka Emuwa, CEO, said: “Notwithstanding the realities of a tougher operating environment arising from the ripple effects of the Covid-19 crisis, the bank delivered a six per cent growth in gross earnings from N111.9 billion in 9M 2019 to N118.8 billion in 9M 2020. In addition, net interest income before impairment rose by 15 per cent to N41.7 billion, while non-interest income grew by 23 per cent to N33.4 billion.
“We reached a major milestone as our customer deposits crossed the N1 trillion mark this quarter, growing by 28 per cent to N1.1 trillion compared to N886.3 billion at the end of 2019. This reflects increasing customer loyalty and our intense retail drive. Our customer acquisition strategy has been reinforced by the versatility of our digital platforms and channels which continue to drive customer satisfaction.