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FYE 2011 Earnings: Union Bank Records N 95 billion loss

By on July 3, 2012

Union bank reported its audited financial year end 2011 results to the Nigerian Stock Exchange today, declaring a whopping  loss of N 94.9 billion ($593 million).

Gross Earnings took a huge hit as they fell 38% to N 80 billion, down from N 130 billion a year ago.

Interest income was also down by 27% to N 61 billion, from N 83 billion recorded in 2010.

Provisions for bad debt skyrocketed by 115% to N 79.8 billion, from N 37 billion in 2010.

The Loss before tax was N 122 billion, down a steep 435% from a profit before tax of N 36 billion in 2010.

The company received a tax credit of N 27.5 billion to help mitigate its losses.

The Net Loss was N 94.8 billion.

Deposits fell to N 500 billion from N 645 billion in 2010, a drop of 22.6%.

Lending was also down 22% to N 158 billion in 2011 from N 202 billion in 2010.