By Jemimah Wellington, JKNewsMedia Reporter
AMID ECONOMIC turbulence and heightened customer concerns following the Central Bank of Nigeria (CBN)’s January intervention, the financial sector has witnessed significant shifts.
Despite these challenges, Union Bank has reported a profit before tax of ₦79.8 billion for the first half of 2024, marking a 20% increase from the same period last year.
Gross earnings also surged by 58%, reaching ₦333 billion, showcasing the bank’s ability to navigate a demanding environment.
The bank’s Managing Director and CEO, Yetunde B. Oni, attributed this success to a strategic focus on stability and growth.
“Our approach centered around enhancing our digital services, driving growth in key sectors, and ensuring robust recovery of overdue obligations,” Oni stated.
This strategy, she also claims, has clearly paid off, with substantial gains in net interest income, operating income, and trading income.
In response to the challenging conditions, the bank launched its digital lending platform, UnionKash, which has seen over 14,000 customers access loans since its inception.
The platform’s success is a testament to the bank’s commitment to innovation and customer service.
Despite rising operational costs and inflationary pressures, Union Bank’s cost-to-income ratio remains strong at 44%, reflecting effective cost management strategies.
The bank’s continued growth in gross loans and customer deposits further underscores its resilience and strategic direction in a challenging economic landscape.
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