UNION Bank Nigeria Plc said its profit before tax rose by 53 per cent for the half year ended June 30, 2015.
The bank in a financial statement made available to the Nigerian Stock Exchange (NSE) said its pretax profit grew to N10.2 billion compared to N6.6 billion recorded for the H1 of 2014, accounting for a growth of 53 per cent.
The bank’s gross earnings inched up to N57.640 billion during the period under review from N49.213 billion, representing an increase of 17.12 per cent.
Commenting on the 2015 half year results, Managing Director/CEO of Union Bank Plc, Mr. Emeka Emuwa, said: “The successful implementation and migration to a new banking platform, Oracle FlexCube UBS, has provided a more stable operating environment for us to serve customers and process routine transactions quicker and more efficiently.
In spite of economic headwinds and regulatory changes impacting the financial industry, Union Bank remains on a stable growth trajectory as we implement initiatives to grow our core banking segments.
“Our gross earnings grew by 17 per cent in the first half of 2015 compared to H1-2014, and notwithstanding the significant volatility across the macro-economic landscape, the Bank delivered Profit Before Tax (PBT) of N10.2 billion, a 53 per cent increase over the same period in 2014.”
Excluding the gain on the sale of subsidiaries, the Bank delivered Profit Before Tax (PBT) of N6.7 billion, a 134 per cent increase over the first half of 2014.


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