Union Bank records N135.9b gross earnings in 2014

UNION Bank Plc has achieved gross earnings of N135.9billion and profit after tax of N26.8billion for the 2014 financial year.

Specifically, the Group’s audited result for the year ended December 31, 2014 showed an increase in gross earnings from N121.4 billion in 2013 to N135.9 billion during the year under review while profit after tax rose to N26.8 billion from N3.8 billion achieved in the previous year.

Profit before tax grew from 3.77 billion to N27.7 billion in 4014.

According to a statement from the bank, its Net Loans and Advances to customers stood at N312.8billion, which represents 36per cent rise when compared to N229.5billion posted as at December 2013.

Customer Deposits also increased by 9per cent to N527.6billiom from N482.7billion as at December 2013 

The banks Net Interest Income after impairment charge rose from N45.2billion as at in 2013 to N47.0billion in 2014.

Commenting on the performance, the Managing Director/CEO of Union Bank Plc, Emeka Emuwa explained that the 2014 financial year was focused on implementing the foundational pillars of its transformation strategy with a vision to rebuild the Bank into a highly respected provider of financial services in Nigeria.

He added that the bank also overhauled its operations and processes in order to consistently deliver quality service to customers, and established a central processing center to provide streamlined, cost efficient, and consistent processing of branch operations.

“We optimised our talent base, making significant hires into key roles and ensuring we have the right people in the right functions, and aligned our staff compensation and overall costs to be competitive within the industry.