Union Bank Defies Odds, Posts Impressive 20% Growth Amidst CBN Intervention
Oru Leonard
In a remarkable display of resilience, Union Bank of Nigeria has reported a 20% growth in profit before tax (PBT) for the first half of 2024, despite the challenging environment following the Central Bank of Nigeria’s (CBN) intervention in January 2024.
The bank’s PBT rose to N79.8 billion on gross earnings of N333 billion, compared to N66.5 billion on gross earnings of N210.5 billion in the corresponding period of 2023. This impressive performance is a testament to Union Bank’s commitment to delivering results in uncertain times.
Managing Director and CEO, Yetunde B. Oni, expressed pride in the bank’s ability to navigate the challenging environment, saying, “Our progressive financial performance in the first half of 2024 demonstrates the strength and resilience of our business model.”
Union Bank’s success can be attributed to its strategic focus on customer-centricity, innovation, and risk management. The bank’s ability to adapt and thrive amidst adversity has earned it a reputation as a trusted and reliable financial partner.
As the banking sector continues to evolve, Union Bank’s impressive performance showcases the power of resilience and determination in the face of uncertainty.
