Despite macroeconomic headwinds, Union Bank has announced that its profit before tax (PBT) grew by 47 per cent from N20.5 billion in 2021 to N30.2 billion in 2022.
According to its audited financial statements for the year ended 31st December 2022, the bank’s gross earnings driven by net interest income, grew to N208.2 billion from N175 billion while its customers deposit was up by 9 per cent from N1.36 trillion recorded in 2021 to N1.48 billion in the period under review.
Furthermore, the bank’s profit after tax (PAT) grew by 51 per cent to N29 billion from N19.2 billion, while its earning per share (EPS) stood at 99 kobo from 66 kobo.
Commenting on the results, Mudassir Amray, MD/CEO, at Union Bank, said the bank recorded strong performances across key financial and operational indicators.
He added that Union Bank is focused on its strategy of deepening core business segments whilst enhancing digital channels and service propositions to customers.
He said, “On the back of this, we are increasing our customer acquisition and engagement, translating into higher revenues across our regions.The Bank’s gross earnings grew by 19 per cent to N208.1 billion from N175 billion in 2021. Whilst non-interest income declined marginally by 1.0 per cent. Net interest income after impairment grew 26.1 per cent to N55.8 billion from N44.2 billion in 2021 on the back of increasing responsible risk assets. Profit before tax closed at N30.2 billion, representing a growth of 47.1 per cent from N20.5 billion recorded in 2021.
In 2023, we will remain focused on executing our strategic initiatives, which are centered 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 capitalize on market opportunities.
As we progress into 2023, I have no doubts that we will scale through all the macroeconomic pressures and sustain this growth momentum with continued support from the new core investors and board and continued trust from our customers to serve them.”