Union Bank Nigeria Plc has recorded profit growth despite the macro and regulatoty headwinds that hurting earnings in Africa’s largest economy.
For the year ended Decenmber 2019, Union Bank’s net income increased by 9.83 percent to N19.87 billion from N18.09 billion as at December 2018.
Despite a low yield environment as treasury bill yields continues to fall ever since the central bank barred individuals and local companies from the Open Market Operations (OMO) autions, Union Bank’s interest income on loans and advances increased by 11.91 percent to N117.07 billon as at December 2019.
