BEVERLY HILLS, March 22, (THEWILL) –Â Union Bank of Nigeria has reported a drop in 2020 profit by N1.203 billion. The audited financials of the bank published by the Nigerian Stock Exchange showed gross earnings declined 3.75 per cent to N160.292 billion from N166.545 billion a year earlier. A surge in total expenses by 10.5 per cent from N71.017 billion to N78.467 billion hurt earnings.
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.
The loss resulted from the tier 2 lender discontinued operations of ‘subsidiaries held for sale in line with the bank’s divestment plan.’ Union Bank is about consummating sale of Union Bank UK and is currently awaiting regulatory approval.
Profit after tax shrank by 6.1 per cent from N19.875 billion to N18.672 billion.
Shareholders fund edged up by 4.7 per cent from N252.342 billion to N264.318 billion.
