Union Bank Profits Slide 11.2% in Q2 on Lower Interest Income

Nigerian Tier-2 lender Union Bank reported an 11.2 percent slide in profits for the second quarter (Q2) of 2021, compared to a year ago, largely as a result of lower interest income.

The bank which reported gross earnings of N76.3 billion as at June 2021, compared to N81.8 billion a year earlier, saw its interest income for the period fall by 16.75 percent to N47.75 billion, leading to profit after tax of N9.83 billion for the period, compared to N11.082 billion in 2020.

Union Banks total assets were relatively flat at N2.21 trillion in Q2 2021, compared to N2.19 trillion in June 2020.