Union Bank’s H1 profit hits N12.3bn on higher interest income

Union Bank of Nigeria Plc has reported a profit before tax of N12.3 billion for the first half of this year, up 6.7 percent compared to the same period of 2021.

The bank, in its unaudited financial statements for the quarter ended June 30, 2022, said its net interest income jumped by 41 percent year-on-year to N28.7 billion in H1 2022.

It said its non-interest income was down 24.1 percent to N21.1 billion due to foreign exchange revaluation.

Customer deposits rose by 7 percent to N1.5 trillion in June 2022 from N1.4 trillion at the end of last year, while gross loans fell to N895.3 billion from N899.1 billion.

“Following the successful acquisition of majority shares of the bank by Titan Trust Bank, we are now focused on strengthening the core business and improving operational efficiencies across board,” Mudassir Amray, CEO of Union Bank, said. “In parallel, we are going full throttle on integrating the two banks to form a ‘stronger Union’ positioned to deliver value to all stakeholders, leveraging technology and digital innovation.”

Amray said the integration is expected to be completed by the end of the third quarter.

He said: “Since taking the reins as Chief Executive Officer as at June 2nd, 2022, I am confident that the bank has all the necessary ingredients to be a tier 1 bank.

“As we drive towards a seamless integration in the second half of the year, we remain committed to achieving our business objectives. We are excited about exploiting the synergies from the newly expanded franchise post-integration.”

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