Union Bank of Nigeria is kicking off a recapitalisation effort to boost its financial stability.
This move comes after the Central Bank of Nigeria asked banks to increase their capital bases to support the country’s economic goals
Union Bank is stepping up to meet these new requirements.
The bank’s half-year results look strong, with gross earnings up by 58% to N333bn compared to last year. Their profit before tax also grew by 20% to N79.8bn.
Despite some challenges like higher operating costs and foreign exchange losses, Union Bank has seen solid growth in its loans and deposits.
CEO Yetunde Oni is optimistic about the bank’s future, focusing on improving digital services and expanding in key sectors.
The bank’s recapitalisation is aimed at making it more resilient and ready for new opportunities.
Punch