Union Bank Nigeria Plc (UBN)’s gross earnings inched lower (-1.03% YoY) to NGN37.95bn in Q2:2020. In the first half of the year however, gross earnings climbed 7.68% YoY to NGN81.86bn due to a relatively stronger performance in Q1:2020. Foreign exchange revaluation and trading gains were the main drivers of topline growth while fee-based income remained pressured. Growth in interest income was off the back of a significant growth (32.73% YtD to NGN367.98bn) in investment securities particularly treasury bills. The 5.64% YtD growth in loans did not translate to a growth in interest income from loans presumably due to restructuring of loans in the wake of the pandemic.
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Earnings Update – UBN H12020
