Business

Union Bank posts 24% growth in Q1 Gross Earnings

Union Bank’s Unaudited Financial Statements for the three months ended 31 March 2017 released to the Nigerian Stock Exchange (NSE) shows a 24 percent increase in gross earnings of N33.8 billion.

In the three month period, the bank interest income of N27.2 billion improved by 27 percent.
A breakdown of the interest income showed Cash and its equivalents improved 103 percent to N983 million while Loans and advances to customers appreciated 38 percent to N19.7 billion

A 114 percent increase in Deposits from customers indicates growing confidence in the bank, however it contributed significantly to a 91 percent increase in interest expenses that stood at N12.6 billion

Earnings Per share thus dropped 7 percent to 26 kobo from 28 kobo in 2016.
Mobil reports 99 percent profit decline in Q1

Mobil Oil Nigeria has released Unaudited Financial Statements for the three months ended 31 March 2017 with a profit after tax (PAT) of N13.1 billion.
Mobil’s Q1 PAT is 99 percent lower than N1.8 billion declared as PAT in the same period of 2016.

The company recorded turnover of N25.2 billion, which is11percent higher than N22.7 billion declared as Revenue for the first three months of 2016.
Earnings per Share dropped to 4 kobo from 504 kobo reported in Q1 reflecting the 99 percent decline in profitability

While total assets dropped to N59.0 billion from N61.7 billion in 2016, Shareholders funds stood at N22.7billion as against N21.5 billion in2016

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Ihesiulo Grace

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