In its half year 2017 financials, Union Bank grew gross earnings by 23% to N74bn. Interest income rose by 31% to N58bn while interest expense was up by 98% translating to a 2% rise in net interest income to N32bn. A 10% increase in operating income to N42bn and a 39% decline in loan loss expense translated to an 8% rise in pre-tax profit to N9.4bn, while after-tax profit was up by 5% to N9.2bn.
Balance sheet numbers showed a 6% rise in total assets to N1.3trn, gross loans slipped by 6% to N478bn, while total deposits in the period rose by 15% to N861bn hence, loans to deposit ratio dropped by 12 percentage points to 55%. Total liabilities stood at N1trn translating to a 4% rise in net assets to N282bn. See details below.
Income Statement | H1 2017 | H1 2016 | % Change |
Gross Earnings (mn) | 73,682 | 60,069 | 23% |
Interest Income (mn) | 58,251 | 44,344 | 31% |
Interest Expense (mn) | 26,533 | 13,397 | 98% |
Net Interest Income (mn) | 31,718 | 30,947 | 2% |
Operating Income (mn) | 41,772 | 37,892 | 10% |
Operating Expense (mn) | 32,414 | 29,132 | 11% |
Loan Loss Expense (mn) | 5,377 | 8,780 | -39% |
PBT (mn) | 9,460 | 8,761 | 8% |
TAX Expense/Credit (mn) | 260 | 164 | 59% |
PAT (mn) | 9,200 | 8,761 | 5% |
Balance Sheet | H1 2017 | FY 2016 | % Change |
Fixed Assets (mn) | 53,054 | 52,800 | 0% |
Total Assets (mn) | 1,325,138 | 1,252,682 | 6% |
Loans & Adv (mn) | 477,646 | 507,190 | -5.8% |
Deposits(mn) | 861,068 | 748,710 | 15% |
Financial Liabilities (mn) | 68,931 | 89,514 | -23% |
Total Liabilities (mn) | 1,043,294 | 981,012 | 6% |
Net Assets (mn) | 281,844 | 271,670 | 4% |
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