Union Bank 2015 Pre-tax Profit dips 47.5%

By Chioma Obinagwam

Union Bank of Nigeria Plc had said its pre-tax profit for the period ended December 31, 2015 declined 47.5 per cent to N14.55 Billion from N27.71 billion recorded in the corresponding period of 2014.

Similarly, Profit After Tax (PAT) of the Bank dropped 50 per cent to N13.98 billion from N26.82 billion declared the erstwhile period of 2014.

In the same vein, gross earnings of the bank depreciated from N135.89 billion in 2014 end to N117.21 billion in 2015 review period; representing a decrease in gross earnings of 13.33 per cent, Union Bank of Nigeria stated in a filing with the Nigerian Stock Exchange (NSE).