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Union Bank CFO: Diversified growth portfolio has led to sustainable revenues
Nigeria's Union bank reported a 33 percent rise in its full years profit before tax to N24.7 billion. The commercial lender also posted a 23 percent rise in non-interest income to N43.3 billion. Chief Financial Officer of Union Bank, Joe Mbulu joins CNBC Africa to break down their full-year numbers of for 2019.
Fri, 06 Mar 2020 14:31:17 GMT
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AI Generated Summary
- Union Bank reports a 33% rise in full-year profit before tax and a 23% rise in non-interest income in 2019
- The bank's diversified loan portfolio and focus on key sectors of the economy lead to sustainable revenue growth
- Cost containment measures and a solid foundation set the stage for future growth and value creation for shareholders
Union Bank of Nigeria has reported a significant rise in its full-year profit before tax and non-interest income for the year 2019. The bank's Chief Financial Officer, Joe Mbulu, joined CNBC Africa to discuss the key takeaways from the financial results. The standout points from the interview include the impressive top-line growth driven by diversified loan portfolio, sustainable revenue growth, cost containment measures, and a focus on building a solid foundation for future growth. Mbulu highlighted the importance of both interest and non-interest income in driving the bank's revenue, emphasizing the need for strategic investments in key sectors of the economy. He also discussed the bank's efforts to reduce operational expenses through a cost culture program and the positive impact it has had on the bank's financial performance. Union Bank's return to paying dividends after many years is a significant milestone, signaling a commitment to creating value for shareholders. Moving forward, the bank aims to continue its focus on retail and corporate banking, leveraging technology to enhance customer experience and drive growth in key business segments.
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