Nigeria’s second oldest lender Union Bank built a more than two-fold surge in net profit substantially from a strong net trading income in 2022, it’s audited financial report has shown.
Standing at N23.6 billion, net trading income – the money earned from transactions in financial instruments – accelerated by 173.3 per cent compared to interest income, typically the biggest contributor to banks’ revenues, which only grew by 29.5 per cent.
Within the period, many other banks boosted profit through hikes in lending rates that enabled them to charge more for loans.
