Union Bank has announced the release of its audited financial statements for the year ended 31st December 2022, which reflects strong financial performance despite macroeconomic headwinds.

Union Bank maintained consistent success due to the disciplined execution of its go-to-market strategy focused on deepening its core business while exploring new areas of opportunity to acquire, engage, and retain customers.

Bank Financial Highlights: ● Gross Earnings: up 19% to ₦208.2 billion (₦175.0 billion in 2021), driven by strong growth in Net Interest Income. ● Net Interest Income: up 33% to ₦59.1 billion (₦44.3 billion in 2021) driven by growth in earning assets. ● Net Operating Income after impairments: up 10% to ₦110 billion (₦99.7 billion in 2021). ● Profit before Tax: up by 47% to ₦30.2 billion (₦20.5 billion in 2021). ● Operating Expenses: marginally grew by 0.4% to ₦79.4 billion (₦79.2 billion in 2021), reflecting tight cost control despite inflationary pressures. ● Gross Loans: up 11% at ₦1.0 trillion (₦899.1 billion in December 2021) as we expand our lending to vital economic sectors of opportunity. ● Customer Deposits: up 9% at ₦1.48 trillion (₦1.36 trillion in December 2021) as we expand our product base and digital channels. Key Operational Highlights: Retail & Digital Digital • Channels & Platforms: Union Bank in 2022 invested in strengthening its technology architecture to drive key processes and serve more customers through digital and agent channels. Consequently, active users on UnionMobile increased by 15.7% to 3.8 million users, and active UnionDirect Agents grew by 62.7% to 51,737.

This led to an increase in transaction value and volume on UnionMobile by 121% and 20.4%, respectively.