Union Bank of Nigeria Plc said its gross earnings for 2022 financial year was up to N208.2 billion from N175.0 billion in 2021, representing 19 percent increase.
The bank, now owned by Titan Trust Bank, made the fisclosure in its audited financial statements for the year ended 31st December 2022, revealing strong financial performance despite macroeconomic headwinds.
The bank’s profit before tax grew by 47% to N30.2 billion as against N20.5 billion posted in 2021.
Gross earnings went up 19% to N208.2 billion from N175.0 billion posted in 2021, driven by strong growth in Net Interest Income.
According to the bank in a statement, Net Interest Income rose by 33% to N59.1 billion from N44.3 billion in 2021 driven by growth in earning assets while Net Operating Income after impairments was up 10% to N110 billion from N99.7 billion in 2021.
Union Bank noted that Operating Expenses marginally grew by 0.4% to N79.4 billion from N79.2 billion in 2021, reflecting tight cost control despite inflationary pressures.
Commenting on the results, Mudassir Amray, MD/CEO, said that despite the macroeconomic headwinds of 2022, the bank recorded strong performance across key financial and operational indicators.
“We were focused on our strategy of deepening our core business segments whilst enhancing our digital channels and service propositions to customers. On the back of this, we are increasing our customer acquisition and engagement, translating into higher revenues across our regions. The Bank’s gross earnings grew by 19% to N208.1 billion from N175 billion in 2021.
“Whilst non-interest income declined marginally by 1.0%. Net interest income after impairment grew 26.1% to N55.8 billion from N44.2 billion in 2021 on the back of increasing responsible risk assets. Profit before tax closed at N30.2 billion, representing a growth of 47.1% from N20.5 billion recorded in 2021.
”In 2023, we will remain focused on executing our strategic initiatives, which are centred on pursuing additional opportunities to diversify our revenue sources while strengthening our core business.
”We also look forward to completing the merger of Union Bank of Nigeria and Titan Trust Bank, which began in 2022.
“The transition has gone smoothly, and I am confident that the combination will make us more formidable and well-positioned to capitalise on market opportunities.
”As we progress into 2023, I have no doubts that we will scale through all the macroeconomic pressures and sustain this growth momentum with continued support from the new core investors and board and continued trust from our customers to serve them,” Amray noted.