By InvestAdvocate

Lagos (INVESTADVOCATE)-Union Bank of Nigeria Plc (UBN) Wednesday reported N13.6 billion profit for the Half Year Ended June 30, 2012.

This is contained in its Unaudited Second Quarter Report to the Nigeria Stock Exchange (NSE) and made available to www.investadvocateng.com in Lagos Nigeria.

The Bank in the review period,  posted a Profit After Tax (PAT) of N13.6 billion compared to a of N44.01 billion recorded in the same period of year 2012.

 Profit Before Tax (PBT) in the Half Year 2012 period was N9.793 billion compared to N65.679 billion loss declared in the corresponding period of year 2011.

It was the PBT plus deferred tax income of N3.758 billion that gave the Profit of N13.6 billion.

Also, Total Comprehensive Income for the period also grew to N11.99 billion compared to a Loss of N43.50 billion posted during the corresponding period last year. This translated to earning per share of 221 kobo compared to the Loss of 326 kobo recorded in 2011.

In the same vein, Equity rose to N188.37 billion from a negative of N184.960 recorded in year 2011 Half Year Report.

Similarly, the Group recorded a PAT of N16.14billion, compared to a Loss of N40.30 billion posted in the same period of last year.

Again, the Group Assets grew slightly 1.07 percent (1.07%)  to N1.049 trillion from N1.038 trillion recorded last year. Group Total Comprehensive Income rose to N19.475 billion compared to a N39.410 billion Loss posted in 2011.

This also translated to a Earning Per Share (EPS) of 251 kobo compared a Loss per share of 305 kobo in the same period of year 2011.

Union Bank reported it’s Shareholders fund rose to N188.37 billion from a negative of N184.96 billion; while the Group Equity increased to N207.92 billion from a negative N164.852 billion posted in 2011.

As earlier reported, the First Quarter (Q1) Result of the Bank, it posted an Uaudited Gross Earnings of N25.51 billion (Group N29.84billion) while PAT was N6.32 billion (Group N7.62 billion).

Funke Osibodu, Group Managing Director/Chief Executive, (CEO) OF Nigeria’s Union Bank had while presenting the Q1 Result said with this result the Bank has indeed begun to move forward in the right direction.

“We have been able to turn around our Loss position of the previous years and more significantly, we now have a healthy and positive shareholders’ fund” she said.