It disclosed in a statement on Wednesday on its Group audited financial statements for the year ended December 31, 2022, that the growth was driven by strong growth in net interest income.
The Group’s net interest income went up by 33 per cent to N59.1bn in 2022 from N44.3bn in 2021, driven by growth in earning assets.
Net operating income after impairments went up by 10 per cent to N110bn from N99.7bn in 2021, while profit before tax rose by 47 per cent to N30.2bn in 2022 from N20.5bn in 2021 respectively.
Operating expenses grew marginally by 0.4 per cent to N79.4bn from N79.2bn in 2021, reflecting tight cost control despite inflationary pressures.
Gross loans went up by 11 per cent at N1.0tn from N899.1bn in December 2021, as it expanded its lending to vital economic sectors of opportunity.
The bank said its customer deposits rose by nine per cent at N1.48tn from N1.36tn in December 2021.
Commenting on the results, the Managing Director/Chief Executive Officer, Mudassir Amray, said, “Despite the macroeconomic headwinds of 2022, we recorded strong performance across key financial and operational indicators.
“We were focused on our strategy of deepening our core business segments while enhancing our digital channels and service propositions to customers.
“On the back of this, we are increasing our customer acquisition and engagement, translating into higher revenues across our regions.”
Union Bank noted that the results reflected strong financial performance despite macroeconomic headwinds.
The managing director said, “In 2023, we will remain focused on executing our strategic initiatives, which are cantered on pursuing additional opportunities to diversify our revenue sources while strengthening our core business.
“We also look forward to completing the merger of Union Bank of Nigeria and Titan Trust Bank, which began in 2022. The transition has gone smoothly, and I am confident that the combination will make us more formidable and well-positioned to capitalise on market opportunities.”
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