By Yakubu LAAH InvestAdvocate

Lagos (INVESTADVOCATE) – Union Bank of Nigeria Plc (UBN) Friday posted a Profit After Tax (PAT) of N7.618 billion for the First Quarter Report (Q1) for the Period Ended March 31 2012.

This is contained in the Result Announcement of the Bank to the Nigerian Stock Exchange (NSE) in Lagos Nigeria and made available to www.investadvocateng.com.

The N7.618 billion PAT recorded by the Bank in the Q1 of 2012 is a 68.8 percent (68.8%) growth compared to N4.513 billion recorded in Q1 of 2011.

Profit Before Tax (PBT) declined slightly from N6.659 billion in the First Quarter of year 2011 compared to N6.378 billion reported in the review period of year 2012; indicating a decline of -4.2%.

While Total Comprehensive Income increased to N6.670 billion in Q1 2012 compared to N3.581 billion in the corresponding period of year 2011; indicating an increase of 86.3% in the review period.

This is coming on the heels of reported exiting of Funke Osibodu, Group Managing Director (GMD) of Union Bank after steering the affairs of the Bank for over three (3) years of transformation that has put the Bank back on a sound footing.

Union Bank’s balance sheet for the 2011 financial year through December, showed positive net assets of N197 billion compared with negative net assets of N115.7 billion a year earlier.

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