Don't Miss


Home   >   Business   >   Industries   >   Banking   >   Union Bank, Diamond Bank post Q3 results

Union Bank, Diamond Bank post Q3 results

By on October 31, 2014

Union Bank of Nigeria Plc and Diamond Bank Plc yesterday released their third quarter 2014 unaudited financial statements on the floor of the Nigerian Stock Exchange (NSE).

For Union Bank of Nigeria, its unaudited results for the nine months ended 30th September 2014 showed that the group’s gross earnings stood at N74.8 billion in the period under review, from N79.9 billion realised in the comparable period of 2013.

Also, its interest income declined to N56.2 billion, from the N60.6 billion recorded in the third quarter of last year. The group’s profit before tax however climbed to N8.3 billion in the period under review, from N6.8 billion achieved in same period last year.

Commenting on the bank’s third quarter activities, its Group Managing Director and Chief Executive, Mr. Emeka Emuwa said: “Our third quarter activities were focused on continuing and consolidating our transformation efforts to ensure we maintain strategic focus in key areas and deliver operating results according to plan.

“Building upon the transformation work already in progress over the past 18 months, we have hired a transformation director to institutionalise and lead the bank’s transformation management office which coordinates, centralises and tracks transformation workgroups to ensure transformation achievements are embedded and delivered.”
He also explained that the bank continues to rebuild its retail business.

Also, the bank’s Chief Financial Officer, Oyinkan Adewale commented: “Our loan portfolio continues to perform well and we are also seeing good traction on the deposit side. The loan book grew by 21 per cent in the period ended 30 September 2014 compared to 31st December2013. Our deposit book also posted a modest gain of2.2 per cent.”

Meanwhile, Diamond Bank’s gross earnings in its unaudited results climbed by 14.6 per cent to N151.6 billion as at September 2014, compared to the N132.2 billion it attained in the comparable period of 2013. The bank’s interest income also stood at N120 billion in the first nine months of 2014, up by 12.2 per cent, over the N107 billion it realised last year.

Nevertheless, Diamond Bank’s profit before tax dipped by 7.4 per cent to N23.7 billion in the period under review, from N25.6 billion in the comparable period of 2013. Its realised profit after tax of N20.2 billion, reflected a marginal increase as against the N20.1 billion reported in the third quarter of 2013.

 

[This Day]