Union Bank grows Profit Before Tax to N25.97bn
Union Bank of Nigeria posted its full-year report for 2020 on the Nigerian Stock Exchange (NSE) which showed that the bank’s gross earnings declined by 3.75 percent from N166.54 to N160.29 in 2020.
Here are the major highlights from the report:
A surge in total expenses by 10.5 per cent from N71.017 billion to N78.467 billion.
Profit before income tax climbed 4.5 per cent from N24.844 billion to N25.974 billion.
But a sharp rise in Union Bank’s loss from discontinued operations net of tax as well as income tax spend contracted its full year profit.
Profit after tax shrank by 6.1 per cent from N19.875 billion to N18.672 billion.
Shareholders rose by 4.7 per cent from N252.342 billion to N264.318 billion.