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Nigeria : Union Bank Posts N12b Half Year Profit.

Union Bank Group has declared a profit before tax of N12.1 billion for the half year ended June 30, 2010. This tripled the growth on its profit when compared to N3.56 billion performance in the first quarter of this year.

According to the result, other performance indicators of the bank were equally impressive as gross earnings rose to N66.9 billion, representing 100 per cent increase over N34.235 billion that was recorded in the first quarter, 2010.

The half-year performance, which market watchers have described as quite reassuring to investors of the bank, indicated significant improvement, not just in earnings but also in efficiency ratios.These are key to the rebound of financial institutions after the meltdown and the massive provisioning which led to loss of assets witnessed in 2009.

The management of the bank has assured that with the support of the board, it is expected that the trend will continue for the rest of the financial year ended December 31, 2010.

Compared to the corresponding period of 2009, Union Bank s interest expense dropped from N28.7 billion to N21 billion in half year, 2010 and operating expenses from N38.3 billion to N37.3 billion.

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Article Type:Financial report
Date:Jul 27, 2010
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