Union Bank Grows Gross Earnings By 19 Per Cent

For the 2022 financial period, Union Bank of Nigeria Plc has disclosed that its gross earnings rose up 19 per cent to N208.2 billion from N175.0 billion in the corresponding period of 2021.

The bank made this known in its Group audited financial statements for the year ended December 31, 2022, adding that the growth was driven by strong growth in net interest income.

The Group’s net interest income increased by 33 per cent to N59.1billion in 2022 from N44.3 billion in 2021, driven by growth in earning assets, while net operating income after impairments went up by 10 per cent to N110 billion from N99.7 billion in 2021, and profit before tax rose by 47 per cent to N30.2billion in 2022 from N20.5 billion in 2021 respectively.

Commenting on the results, the Managing Director/Chief Executive Officer, Mudassir Amray, 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 while 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.”

Union Bank noted that the results reflected strong financial performance despite macroeconomic headwinds.

The managing director said, “In 2023, we will remain focused on executing our strategic initiatives, which are cantered on pursuing additional opportunities to diversify our revenue sources while strengthening our 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.”