Union Bank of Nigeria Plc has said its profit after tax for the third quarter of 2018 grew by 18 per cent from N12.4bn to N14.7bn in the matching period of 2017.
The bank’s financial statement, said its profit before tax increased by 14 percent from N13bn to N14.9bn in Q3 of 2017.
An investigation of the financial statement disclosed that the bank’s gross loans increased from N560.7bn to N588.9bn in December 2017.
While the bank’s customer deposits increased from N802.4bn to N882.2bn in December 2017.
The bank said its foreign currency deposits increased by 37 per cent, together with a growing low-cost deposit book.
The Managing Director, Union Bank, Emeka Emuwa, said the bank’s non-performing loan percentage dropped to 9.8 per cent from 10.8 per cent in the first half of the year.
He further said, “We will remain focused on driving and enhancing productivity across the bank to ensure we deliver on our expectations for the year”.
Joe Mbulu the Chief Financial Officer, Union Bank, said the bank’s focus on enhancing money costs drove its profitability from gross revenues to the bottom line, with higher net revenue from funds in the period.
He said the bank also profited from resourceful treasury trading income realised in the period.
According to him, the bank remains adequately capitalised to pursue its progress and determinations with its capital capability ratio at 16.8 per cent.