By Yakubu LAAH InvestAdvocate

Lagos (INVESTADVOCATE)-Primary mortgage institution, Union Homes Savings & Loans Plc has reported a loss of N5.941 billion in its 2012 audited year end.

The mortgage firm made a further loss of 10.4 percent from N5.381 billion in 2011 to N5.941 billion in the review period of 2012.

Also, Union Homes recorded a pre-tax profit of N3.855 billion in 2012 audited year end compared to N5.516 billion in the corresponding period of 2011.

Interest income went down 18.8 percent from N7.221 billion in 2011 to N5.860 billion in the review period of 2012.

This is coming on the heels of the intended acquisition of Union Homes by second listed mortgage company on the Nigerian stock exchange (NSE) Aso Savings & Loans Plc.

Union Bank of Nigeria Plc (UBN) had sort to divest its investments from Union Homes as part of central bank Nigeria’s (CBN’s) approved restructuring exercise requesting banks to become holding companies or divest from its non-core banking businesses.

Emeka Emuwa, group managing director (GMD) of Union Bank earlier in March said before the end of 2014 or by the first quarter of 2015, it would have completed its divestment from all its non-banking subsidiaries including Union Homes.