By Bamidele Ogunwusi – Correspondent, Lagos
Union Bank of Nigeria has announced its full year audited results for the twelve month period ended 31st December, 2014.
In the result, the bank reported a profit before tax of N27.7 billion from N3.77 billion recorded in the corresponding period of 2013, representing an improvement of 635 percent, net loans and advances to customers went up by 36 percent to N312.8 billion from N229.5 billion as at December 2013, while customer deposits up nine percent to N527.6 billion from N482.7 billion.
Total assets remained stable at N1.0 trillion, net interest income after impairment charge up 4 percent to N47.0 billion from N45.2 billion, net operating income rose by 34 percent to N85.7 billion from N63.9 billion, while total expenses was flat at N58.7 billion.
Commenting on the results, Mr Emeka Emuwa, Managing Director/CEO of Union Bank, said: “2014 was focused on implementing the foundational pillars of our transformation strategy with a vision to rebuild Union Bank into a highly respected provider of financial services in Nigeria. We optimised our talent base, making significant hires into key roles and ensuring we have the right people in the right functions, and aligned our staff compensation and overall costs to be competitive within the industry.
“We also overhauled operations and processes in order to consistently deliver quality service to our customers, and established a Central Processing Center to provide streamlined, cost efficient and consistent processing of branch operations. Notwithstanding the significant investments in these initiatives, we stabilised our cost line and kept expenses flat. The Bank also recorded significant growth in net operating income, and the disposal of five of our non-banking subsidiaries, in compliance with CBN’s Regulation 3 requirement, added a substantial boost to our bottom line in 2014.
Source : Independent