Union Bank of Nigeria’s aggressive focus on growth and productivity seems to be reflecting heavily on their financial statement in Q1 of 2018. The Bank recorded a total of N5.4billion before tax by the end of March 31, 2018, which is a significant increase compared to their closing account of N4.7billion in Q1 of 2017.
From the statistics shown at the NSE yesterday, the bank’s report and account showed that the gross inflow of the bank rose by 15% leaving it at N39.5billion compared to N34.3billion in Q1 ’17.
Profit records after tax, PAT, also had a 17% increase leaving the bank with N5.3billion profit while in 2017 it was up at N4.5billion.
CEO Union Bank, Mr Emeka Emuwa accredited the bank’s obvious improvement to their renewed focus and drive in the area of efficient service delivery. He said they have started seeing positive feedback while at the early phase of the Banks newly developed mode of operation, while they leverage on technology and new capital. Mr Emuwa said that the non-performing loan ratio had also improved to 14.9 percent by the end of the first quarter compared to its 19.8 % at the beginning of the year.
Photo Credit: Business Day
