Union Bank Plc has achieved 54 per cent increase in profit after tax in its half year operations, from N6.6 billion in 2014 to N10.1 billion.

Specifically, the bank’s unaudited results for the six months ended  June,  30, 2015 showed a profit before tax of N10.2 billion, from N6.6billion recorded in the corresponding period in 2014 while profit after tax rose from N6.6 billion to N10.1 billion during the period under review.

The bank’s net income increased to N23.1billion, representing seven per cent rise, when compared to N21.6 billion recorded in the corresponding period in 2014.

Total expenses stood at N27.9 billion, compared to N28.1 billion in 2014.
Net operating income also rose to N38 billion, an increase of 10 per cent, over N34.7 billion posted in the corresponding period in 2014.

Commenting on the 2015 half year results, the Managing Director of the bank,   Emeka Emuwa explained that the successful implementation and migration to a new banking platform, Oracle FlexCube UBS has provided a more stable operating environment for the bank to serve customers and process routine transactions quicker and more efficiently.

He added that amid economic headwinds and regulatory changes impacting the financial industry, Union Bank maintained stable growth trajectory, even as the bank continues to implement initiatives to grow its 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. Deposits also continue to move in the right direction with 8per cent growth when compared to December 2014. Non-volatile deposits alone grew by N55.7 billion during the first half of 2015.”

Emuwa assured that as more clarity emerges in the macro-economic environment in the second half,  the bank  would tconsolidate the gains made in the first half of the year to maintain its  focus on delivering operating efficiencies across  its operations and proactively managing  risk whilst exploring emerging opportunities in the economy.

The Chief Financial Officer, Mrs. Oyinkan Adewale said: “This was a good performance for the bank across most financial metrics, which can be attributed to our improving fundamentals and operational discipline.

“In addition to the 53 per cent growth in the Bank’s PBT, the Group PBT also grew. The Group’s PBT increased by N4.4bn in H1-2015 representing a 161 per cent growth over the same period last year, and excluding the sale of subsidiaries.”

She assured that  the bank would continue to manage funding costs, reduce operating expenses and minimize impairment costs through proactive risk management for the second half of 2015 . Adewale added that the bank would also continue to leverage technology to enhance customer experience and reduce the cost of servicing customers.