UNION BANK OF NIGERIA : QUARTER 1 - FINANCIAL STATEMENT FOR 2023

For the period ended March 2023

(32,082)

Group

Bank

Notes

31 March 2023

31 March 2022

31 March 2023

31 March 2022

Nmillion

Nmillion

Nmillion

Nmillion

Gross earnings

1

66,310

43,935

65,935

43,798

Interest income

1

39,641

31,558

39,407

31,452

Interest expense

1

(29,846)

(18,211)

(29,846)

(18,212)

Net interest income (NRFF)

9,795

13,347

9,560

13,240

Net impairment charge/(write back) for credit losses

6

(2,048)

(375)

(2,048)

(374)

Net interest income after impairment charge for credit losses

7,747

12,972

7,512

12,866

Fee and commission income

2

4,048

4,275

4,046

4,274

Fees and commission expenses

2

(1,095)

(893)

(1,095)

(893)

Net trading income

3

17,904

3,811

17,904

3,810

Recoveries

196

1,546

196

1,546

Net income from other financial instruments at fair value through

profit or loss

4

3,539

3,320

3,539

3,320

Other operating (loss)/income

5

982

(575)

843

(603)

Non interest income (NII)

25,574

11,484

25,433

11,453

Operating income

33,320

24,456

32,946

24,319

Net impairment write-back/(loss) on other financial assets

6

(300)

-

(300)

-

Net operating income after net impairment write-back/(loss) on

other financial assets

33,020

24,456

32,646

24,319

Personnel expenses

7

(6,250)

(5,798)

(6,212)

(5,761)

Depreciation and amortisation

21

(1,671)

(1,822)

(1,668)

(1,820)

Other operating expenses

8

(11,978)

(10,402)

(11,953)

(10,385)

Total expenses

(19,898)

(18,022)

(19,833)

(17,966)

Profit before income tax from continued operations

13,122

6,434

12,813

6,354

Income tax expense

9

(489)

(286)

(457)

(278)

Profit for the year from continued operations

12,633

6,148

12,356

6,076

Discontinued operations

Loss for the year from discontinued operations net of tax

34

-

(597)

-

-

Profit/Loss before tax from discontinued operations

34

-

(597)

-

-

Profit/Loss for the year from discontinued operations

34

-

(597)

-

-

Continuing and discontinued operations:

Profit before tax

13,122

5,837

12,813

6,354

Income tax

(489)

(286)

(457)

(278)

Profit after tax

12,633

5,551

12,356

6,076

Other comprehensive income, net of income tax

Foreign currency translation differences for foreign operations

-

(330)

-

-

Fair value gains/(losses) on financial assets at FVTOCI

(21)

3,660

(21)

3,647

Other comprehensive income for the year

(21)

3,330

(21)

3,647

Total comprehensive income for the year

12,612

8,881

12,335

9,723

Profit attributable to:

Equity holders of the Bank

12,463

5,507

12,356

6,076

Non-controlling interest

170

44

-

-

Transfer to statutory reserve

-

-

-

-

Profit for the year

12,633

5,551

12,356

6,076

Total comprehensive income attributable to:

Equity holders of the Bank

12,442

8,837

12,335

9,723

Non-controlling interest

170

44

-

-

Total comprehensive income for the year

12,612

8,881

12,335

9,723

Earnings per share for profit from continued operations

attributable to equity holders of Bank

Basic and diluted (Kobo) (See note "10(b))

43

21

42

21

As at March 2023

Group

Group

Bank

Bank

31 December

31 December

Notes

31 March 2023

2022

31 March 2023

2022

N million

Nmillion

Nmillion

Nmillion

ASSETS

Cash and cash equivalents

11

245,748

365,407

245,325

365,407

Financial assets at fair value through profit or loss

12

4,275

113

4,275

113

Pledged assets

13

162,932

169,515

162,932

169,515

Derivative assets held for risk management

14

46,303

28,047

46,303

28,047

Loans and advances to customers at amortised cost

15

981,588

968,889

981,588

968,888

Investment securities

17

646,214

535,102

646,215

535,102

Trading properties

18

187

187

187

187

Investment properties

19

4,204

4,372

-

-

Investment in subsidiaries

20

-

-

2,195

2,195

Property and equipment

21

53,972

53,075

53,925

53,026

Intangible assets

22

3,284

3,713

3,284

3,712

Right of Use Assets

23

2,875

2,918

2,875

2,918

Deferred tax assets

24

95,684

95,684

95,875

95,875

Cash reserve requirement

25

456,490

381,796

456,490

381,796

Other assets

25

219,348

184,522

219,280

184,477

Defined benefit assets

30

2,416

2,416

2,416

2,416

TOTAL ASSETS

2,925,518

2,795,755

2,923,165

2,793,674

LIABILITIES

Derivative liabilities held for risk management

14

10,050

5,299

10,050

5,299

Deposits from banks

26

22,464

20,426

22,464

20,426

Deposits from customers

27

1,626,498

1,474,464

1,633,266

1,481,345

Current tax liabilities

28

2,381

1,892

1,943

1,486

Lease Liabilites

29

1,967

1,917

1,967

1,917

Other liabilities

29

739,854

780,793

738,623

779,410

Employee benefit obligations

30

881

893

881

893

Debt securities issued

31

6,309

6,557

6,309

6,557

Long term subordinated bond

32

30,923

29,725

30,923

29,725

Other borrowed funds

33

174,555

176,766

174,555

176,766

TOTAL LIABILITIES

2,615,883

2,498,732

2,620,981

2,503,824

EQUITY

Share capital and share premium

34(b)

148,090

148,090

148,090

148,090

Retained Earnings

34(e)

48,827

44,261

48,823

44,364

Other reserves

34(d)

105,272

97,396

105,271

97,396

EQUITY ATTRIBUTABLE TO EQUITY -

HOLDERS OF THE BANK

302,189

289,747

302,184

289,850

Non-controlling interest

35

7,446

7,276

-

-

TOTAL EQUITY

309,635

297,023

302,184

289,850

TOTAL LIABILITIES AND EQUITY

2,925,518

2,795,755

2,923,165

2,793,674

The financial statements were approved by the Board of Directors on 26 April 2023 and signed on its behalf by:

Mudassir Amray

Joe Mbulu

CEO

Chief Financial Officer

FRC/2020/002/00000020256

FRC/2014/ICAN/00000006110

Group

Non-

Share

Share

Statutory

Fair value

Regulatory

AGSMEIS

Other

Retained

controlling

Total

capital

premium

reserve

reserve

risk reserve

Reserve

reserves

earnings

Total

interest

equity

Nmillion

Nmillion

Nmillion

Nmillion

Nmillion

N million

Nmillion

Nmillion

Nmillion

Nmillion

Nmillion

Balance at 1 January 2023

14,632

133,458

43,380

15,832

27,722

7,228

3,234

44,261

289,747

7,276

297,023

Total comprehensive income for the period

Profit for the period

-

-

1,853

-

-

-

-

10,610

12,463

170

12,633

Other comprehensive income, net of tax

Foreign currency translation difference

-

-

-

-

-

-

-

-

-

-

-

Fair value gains/(loss) on investment at FVTOCI

-

-

-

(21)

-

-

-

-

(21)

-

(21)

Transfer from regulatory reserves

-

-

-

6,044

-

-

(6,044)

-

-

-

Total comprehensive income for the year

-

-

-

(21)

6,044

-

-

(6,044)

(21)

-

(21)

Balance at 31 March 2023

14,632

133,458

45,233

15,811

33,766

7,228

3,234

48,827

302,189

7,446

309,635

For the period ended 31 March 2022

Group

Non-

Share

Share

Statutory

Fair value

Regulatory

AGSMEIS

Other

Retained

controlling

Total

capital

premium

reserve

reserve

risk reserve

Reserve

reserves

earnings

Total

interest

equity

N million

N million

N million

N million

N million

N million

N million

N million

N million

N million

N million

Balance at 1 January 2022

14,632

133,458

39,028

7,963

25,834

4,536

20,889

13,723

260,063

6,804

266,867

Profit for the year

-

-

911

-

-

-

-

4,596

5,507

44

5,551

Other comprehensive income, net of tax

Foreign currency translation difference

(330)

(330)

(330)

Fair value gains/(loss) on investment at FVTOCI

-

-

-

3,660

-

-

-

-

3,660

-

3,660

Transfer from regulatory reserves

-

-

-

-

1,342

-

-

(1,342)

-

-

-

Total comprehensive income

-

-

911

3,330

1,342

-

-

3,254

8,837

44

8,881

Balance at 31 March 2022

14,632

133,458

39,939

11,293

27,176

4,536

20,889

16,977

268,900

6,848

275,748

Bank

Share

Statutory

Fair value

Regulatory

AGSMEIS

Other

Retained

Share capital

premium

reserve

reserves

risk reserves

Reserve

reserves

earnings

Total

Nmillion

Nmillion

Nmillion

Nmillion

Nmillion

N million

Nmillion

Nmillion

Nmillion

Balance at 1 January 2023

14,632

133,458

43,380

15,832

27,722

7,228

3,234

44,364

289,850

Total comprehensive income for the year

Profit or loss

-

-

1,853

-

-

-

-

10,503

12,356

Other comprehensive income

Fair value gains/(loss) on investment at FVTOCI

-

-

-

(21)

-

-

-

-

(21)

Transfer between reserves

-

-

-

-

6,044

(0)

-

(6,044)

-

Total comprehensive income for the year

-

-

1,853

(21)

6,044

(0)

-

4,459

12,335

Balance at 31 March 2023

14,632

133,458

45,233

15,811

33,766

7,228

3,234

48,823

302,185

For the period ended 31 March 2022

Bank

Share

Statutory

Fair value

Regulatory

AGSMEIS

Other

Retained

Share capital

premium

reserve

reserves

risk reserves

Reserve

reserves

earnings

Total

N million

N million

N million

N million

N million

N million

N million

N million

N million

Balance at 1 January 2022

14,632

133,458

39,028

7,315

25,834

4,536

2,572

24,112

251,487

Profit or loss

-

-

911

-

-

-

-

5,165

6,076

Items that will not be reclassified to profit or loss:

Net Fair value gains/(loss) on investment at FVTOCI

3,647

3,647

Transfer to regulatory risk reserves

(1,342)

1,342

-

Total contribution and distributions to owners

-

-

911

3,647

(1,342)

-

-

6,507

9,723

Balance at 31 March 2022

14,632

133,458

39,939

10,962

24,492

4,536

2,572

30,619

261,210