Union Bank Plc releases 2nd quarter result.
December 11th, 2007 Ogbuotobo Chuks || chuks@stockmarketnigeria.com
By Ikechukwu Emelike.
The board of directors of union bank of Nigeria plc announced the unaudited results for the year ended 30th September 2007. The result was very impressive compared to that for the same period of last year.
In the result released,gross earnings rose from N29.8 billion in 2006 to N40.6 billion in 2007, profit before tax rose from N9.18 billion in 2006 to N14.29 billion in 2007.Furthermore, profit after tax rose from N7.3 billion in 2006 to N11.72 billion in 2007.
The bank is expected to hit the market soon in a bid to raise more funds to boost operations amongst other things.
Still in the same line,Union Homes Plc a subsidiary of Union Bank of Nigeria plc has also announced its unaudited results for the same period, indicating a 38 % increase in pre tax, from N408 million in 2006 to N562 million in 2007. Post tax profit rose from N309 million in 2006 to N427 million in 2007 representing a 38 % increase. Gross earnings took a marginal leap of 3 % from N3.9 billion in 2006 to N4.09 billion in 2007.
The company is also gearing up to raise fresh funds from the capital market very soon.
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