The chief executive officer of Union Bank, Mudassir Amray has said Union Bank of Nigeria and Titan Trust Bank proposed merger is nearing completion as both parties fulfill all regulatory requirements.
Amray in a statement on Friday said “We are fast approaching the finalisation of the process and are fulfilling all the regulatory requirements. We believe that the merger will strengthen our position and financial performance.”
It would be recalled that a special investigator’s report on the Central Bank of Nigeria (CBN) has indicted the immediate past governor, Godwin Emefiele, in the transactions related to the acquisition of Union Bank by Titan Trust Bank.
The report suggests potential improprieties, and there is a looming threat of both financial institutions being seized by the federal government.
However, both Emefiele and the chairman of Titan Trust Bank, Tunde Lemo, have debunked the report, claiming the report of the Jim Obazee-led investigators sounds like fiction and full of falsehood.
Meanwhile, Union Bank announced a significant financial performance for the third quarter ending September 30, 2023, netting a profit before tax (PBT) of N102.3 billion, reflecting an impressive growth of 461.1 percent compared to N18.2 billion in the corresponding period of 2022.
This notable achievement is attributed to a surge in gross earnings, which reached N309.1 billion, marking a 120 percent increase from N140.6 billion in 2022.
The financial highlights further showed a substantial rise in non-interest income, soaring to N144 billion from N28.3 billion in the same period of 2022, denoting an exceptional growth of 409 percent.
Net operating income after impairments also experienced a remarkable upswing of 121 percent, reaching N168.7 billion, compared to N76.3 billion in 2022.
Operating expenses increased by 14.2 percent to N66.4 billion, attributable to factors such as the inflationary environment, elevated power costs, and non-discretionary regulatory expenses.
Despite this, the bank demonstrated a robust performance, with gross loans escalating by 38.1 percent to N1.38 trillion and deposits witnessing a substantial 30 percent increase, reaching N1.93 trillion, a testament to the unwavering confidence of customers in the brand.
Commenting on the results, Amray expressed satisfaction with the strong financial results, citing a record-breaking revenue increase and impressive profitability figures.
