Union Bank posts 9.39% decline in profit
By Jeph Ajobaju, Chief Copy Editor
Union Bank posted N16.92 billion profit in full year 2021 (FY 2021), a 9.39 per cent decline on 2020, according to its financial result filed with the Nigerian Stock Exchange (NSE).
The bank reported N0.66 earnings per share, a 0.22 per cent drop from N0.85 in 2020.
Interest income grew 0.79 per cent year-on-year (YoY) from N113.16 billion to N114.05 billion.
The profit performance is on the back of all margin decline as net interest income and trading income all depreciated YoY.
Net interest income from lending business slashed 22.53 per cent to N44.47 billion.
Despite a 98 per cent drop in loan losses, net interest after impairments suffered a 25.40 per cent decline at N44.50 billion.
Net trading income recorded N8.63 billion, down 23 per cent on 2020.
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E-business rises 26% to N8.87b
Per reporting by Nairametics, Union Bank did well in other metrics in 2021, such as in
- Credit-related fees and commission income – N5.01 billion (up 12.70 per cent)
- E-business income – N8.87 billion (up 26 per cent on N7.04 billion in 2020), showing improvement in utilising e-channels to deliver services to customers as well as point of sale (POS) transactions.
- Customer deposits – N1.36 trillion (up 20.39 per cent)
- Total assets – N2.60 trillion
- Net assets – N266.87 billion (up 0.96 per cent)
- Market capitalisation – N177.64 billion (13 April)
- Share price – N6.10 per share (up 3.39 per cent year-to-date from N5.90)
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