Union Bank of Nigeria Plc has said its gross earnings rose up 19 per cent to N208.2bn in 2022 financial period from N175.0bn in the corresponding period of 2021.
In a statement on Wednesday, the Bank disclosed on its Group audited financial statements for the year ended December 31, 2022, that the growth was driven by strong growth in net interest income.
However, the Group’s net interest income went up by 33 per cent to N59.1bn in 2022 from N44.3bn in 2021, driven by growth in earning assets.
Net operating income after impairments went up by 10 per cent to N110bn from N99.7bn in 2021, while profit before tax rose by 47 per cent to N30.2bn in 2022 from N20.5bn in 2021 respectively.
Operating expenses grew marginally by 0.4 per cent to N79.4bn from N79.2bn in 2021, reflecting tight cost control despite inflationary pressures.
Gross loans went up by 11 per cent at N1.0tn from N899.1bn in December 2021, as it expanded its lending to vital economic sectors of opportunity.
At the end, the bank said its customer deposits rose by nine per cent at N1.48tn from N1.36tn in December 2021.