By Yakubu LAAH InvestAdvocate

Lagos (INVESTADVOCATE)-Union Bank of Nigeria Plc (UBN) on Friday said its profit after tax (PAT) in its first quarter report for the period ended March 31, 2014 went down 36.3 percent to N4.955 billion from N7.784 billion in the Q1 of 2013.

Profit before tax (PBT) also declined 24.1 percent to N4.293 billion in the Q1 of 2014 from N5.655 billion in the same period 2013.

Similarly, gross earnings decreased 11.4 percent to N26.033 billion from N29.386 billion in the Q1 of 2013.