Amidst Juicy Trading Income Growth, Union Bank Nets N11.458bn At Half-Year

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Union Bank of Nigeria, on Wednesday presented its half year financials, showing a 15.64% growth in gross earnings, helped by the modest rise in interest income, while the highlight of the figures was the net trading income, which grew by 108.81%.
Gross earnings for the period rose from N72.062bn to N83.333bn; after interest income stood at N62.202bn, up from N56.631bn; the lion’s share of which was the N46.664bn income from loans and advances to customers, up from N41.332bn; followed by investment securities of N14.206bn, which was slightly better than N13.462bn in 2017.

Interest expense rose marginally to N27.856bn from N26.533bn, driven by the N23.448bn paid on customer deposits, up from N21.054bn; as net interest income climbed 14.11% up from N30.098bn to N34.346bn.
Net impairment charge for credit losses increased by 23.1% to N4.625bn from N3.757bn; just as net interest income after impairment charges for credit losses was N29.721bn from N26.341bn.

Net fee and commission income rose to N6.007bn from N4.91bn, representing a 22.34% growth contributed mainly by the N2.953bn credit related fees and commission income, down from N3.069bn; followed by the N1.193bn from e-business income, driven by ATM (on-us) fee of N1.537bn from N1.006bn. Net trading income climbed to N6.989bn from N3.347bn.

Cash recoveries rose to N1.963bn from N1.684bn; while net income from other financial instruments at fair value through profit and loss ballooned to N2.738bn from N44,000. Other operating income dropped 36.94% from N5.446bn to N3.434bn; Non-interest income improved from N15.431bn to N21.131bn; and operating income from N41.772bn to N50.852bn.

Personnel expenses rose to N18.249bn from N15.862bn; depreciation and amortization from N2.879bn to N3.328bn; while other operating expenses increased to N17.631bn from N13.763bn; bringing total expenses to N39.208bn from N32.414bn.
Profit before tax rose 23.3% from N9.46bn to N11.664bn; and net profit from N11.458bn to N9.2bn.

 https://investdata.com.ng/2018/07/amidst-juicy-trading-income-growth-union-bank-nets-n11-458bn-at-half-year/#more

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