Union Bank Grows Earnings by 19%

Union Bank in its audited financial statements for the year ended 31st December 2022, has announced an increase in its Gross Earnings by 19 per cent to N208.2 billion from N175 billion recorded in the previous year.

According to the financial statements submitted to the Nigerian Exchange Limited (NGX), Union Bank reflects strong financial performance despite macroeconomic headwinds.

Union Bank maintained consistent success due to the disciplined execution of its go-to-market strategy focused on deepening its core business while exploring new areas of opportunity to acquire, engage, and retain customers.

The increase recorded in the bank’s earnings was driven by strong growth in Net Interest Income, which went up 33 per cent to N59.1 billion from N44.3 billion recorded in FY 2021.

Union Bank’s Profit before Tax also appreciated by 47 per cent to N30.2 billion as against N20.5 billion in 2021.

Commenting on the results, Mudassir Amray, MD/CEO, said: “Despite the macroeconomic headwinds of 2022, we recorded strong performance across key financial and operational indicators.

“We were focused on our strategy of deepening our core business segments whilst enhancing our digital channels and service propositions to customers. On the back of this, we are increasing our customer acquisition and engagement, translating into higher revenues across our regions.

“The Bank’s gross earnings grew by 19 per cent to N208.1 billion from N175 billion in 2021. Whilst non-interest income declined marginally by 1.0 per cent. Net interest income after impairment grew 26.1 per cent to N55.8 billion from N44.2 billion in 2021 on the back of increasing responsible risk assets. Profit before tax closed at N30.2 billion, representing a growth of 47.1 per cent from N20.5 billion recorded in 2021.”

Looking ahead, Amray said in 2023, the bank remained focused on executing its strategic initiatives, which are centred on pursuing additional opportunities to diversify revenue sources while strengthening core business.

“We also look forward to completing the merger of Union Bank of Nigeria and Titan Trust Bank, which began in 2022. The transition has gone smoothly, and I am confident that the combination will make us more formidable and well-positioned to capitalise on market opportunities,” he added.

April 20, 2023