By Abdulquddus OKELE InvestAdvocate

Lagos (INVESTADVOCATE)-Union Bank of Nigeria Plc (UBN) on Monday said its post-tax profit for the period ended September 30, 2017 declined 4.63 percent to N12.4 billion from N14.0 billion posted a year ago.

Pretax profit of the lender, also dropped 2.09 percent to N12.9 billion from N13.2 billion declared the corresponding period of 2016.

Gross earnings of Union Bank increased from N94.7 billion in the third quarter of 2016 to N109.5 billion in the review period of 2017, according to the lender in a filing with the Nigerian Stock Exchange (NSE).

This is coming on the heels of the closure of the Bank’s N50 billion rights issue which commenced on September 20, 2017.

Union Bank issued 12.1 billion ordinary shares of 50 kobo each to existing shareholders at N4.10 per share to raise N50 billion in new equity funds as the first generation bank looks beyond its centenary.

The rights issue was available to shareholders on the basis of five new ordinary shares for every seven ordinary shares held as at the close of business on Monday August 21, 2017.

Shares of Union Bank at the close of Monday’s trading on the Nigerian bourse appreciated 0.98 percent to N6.19 from N6.13 traded the last session and gained 0.06 kobo per share.