Despite the harsh operating environment, Union Bank Plc, has announced that its gross earnings grew by 8.9 per cent to N175 billion in 2021 as against N160.7 billion recorded in 2020.
According to the bank’s Audited financial statements for the year ended December 31, 2021, the growth in its earnings were driven by strong non-interest income, while its Non-interest income rose by 26.7 per cent to N55.7 billion as against N44 billion in 2020, driven by significant increases in debt recoveries.
However, the bank’s net operating income after impairments was down by 3.6 per cent to N99.7 billion compared with N103.4 billion recorded in the corresponding period of 2020, although customer deposits grew by 20.4 per cent at N1.4 trillion as against N1.1 trillion in 2020 on the back of expansion of product base and digital channels.
The bank also revealed that its proposed transaction of the sale of 89.39 per cent of its issued share capital with Titan Trust Bank (TTB), is in the process of final regulatory approvals.
Commenting on the results, Chief Executive Officer, Union Bank Plc, Emeka Okonkwo, said the bank continued to record headline growth by diversifying its income streams and accelerating recoveries programme.
According to him, Union Bank will continue to focus on broadening and deepening the strong foundations it has built, while enhancing digital delivery platforms and service propositions to customers in 2022.