Union Bank declares N11.3b profit before tax

Union Bank declares N11.3b profit before tax – Union Bank of Nigeria Plc has released its result for the quarter ended June 30, 2020.

The result showed N11.3 billion as the profit before tax as against N11.2 billion in the first half of last year. Gross earnings rose by 10 per cent to N79.9 billion as against N72.42 billion in the first half of last year driven by an increase in earning assets.

In a statement, the bank said interest income rose six per cent to N57.2 billion as against N53.8 billion also driven by increase in earning assets, while customer deposits rose 12 per cent to hit N995.2 billion as against N886.3 billion last December, among other statistics.

‘’The slowdown limited growth in key income lines, including fees and commissions and cash recoveries. However, we continue to reinforce the use of our digital channels with 90 per cent of transactions completed digitally in first half  2020 as against 57 per cent in first half 2019), which translated to a 42 per cent growth in e-business fees from N2.5 billion in first half 2019 to N3.6 billion in first half of  2020.