Nigeria's Union Bank hits 12.5 bln naira H1 pre-tax profit ...

LAGOS, Sept 26 |
Wed Sep 26, 2012 9:35am EDT

LAGOS, Sept 26 (Reuters) ? Nigeria?s Union Bank said on
Wednesday it had swung to a pre-tax profit of 12.46 billion
naira ($79.05 million) in the year to June, compared with 61.57
bln naira loss in the same period last year, after operations
were recapitalised by a new investors.

Gross earnings however declined to 58 billion naira,
compared with 67.82 billion naira in the same period last year,
the bank said in a statement to the stock exchange.

Union Bank, one of the lenders rescued by the central bank
in 2009, was taken over by a group of institutional investors
led by African Capital Alliance, a private equity firm, for $750
million to help it recapitalise.

The recovery was due to an injection of new capital and
support from the state-owned bad bank AMCON, which cleaned up
its bad loan portfolio, bank chief executive Funke Osibodu said
in a statement.
($1 = 157.62 naira)

(Reporting by Oludare Mayowa; Editing by Tim Cocks)

Tags:?equity, executive, gross, investors, lenders, loan, portfolio, result, tax, typeof-social, undefined, yahoo

Source: http://g7finance.com/g7finance-news/nigerias-union-bank-hits-12-5-bln-naira-h1-pre-tax-profit/

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