Nigeria: Union Bank Profit Before Tax Declines By 48 Percent in 2015

6 April 2016

Union Bank of Nigeria Plc recorded drops in revenue and profit for the year 2015. The bank reported gross earnings of N117.2 billion for the year ended December 31, 2015, down 14 per cent from N135.9 billion in 2015. Net interest income rose by 7.0 per cent from N52.1 billion to N55.7 billion. But impairment charges soared by 106 per cent from N4.8 billion to N9.9 billion.

Consequently, profit before tax (PBT) fell by 47.5 per cent from N27.7 billion to N14.5 billion, while profit after tax (PAT) fell by 49.7 per cent to N14 billion from N26.8 billion in 2015.

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