Strong revenue growth from Union Bank in FY2022View(s):
Union Bank said this week it continued to be resilient throughout 2022 leveraging on its strong capital position and remained agile, posting an increased overall income leading to an improved core-banking performance during the year.
The bank’s gross income for the year increased by 73 per cent to Rs. 18,966 million as a result of the bank cautiously managing its businesses with a stringent risk and recovery framework, whilst selectively pursuing for new business opportunities.
In a media release, the bank said the stresses stemming from the macroeconomic environment and further challenges to the settlement of loans due to continued pressures faced by impacted borrowers, compelled the bank to prudently provide for increased impairments which impacted the profitability.
The impairment charge for the year was Rs. 2,556 million, an increase of 174 per cent compared to the corresponding period.
Results from operating activities were Rs. 925 million and the bank’s Profit Before Tax (PBT) including its equity accounted share of subsidiaries for the year was Rs. 788 million and the bank’s Profit After Tax (PAT) was Rs. 314 million for the year ended 31 December 2022.
Total assets of the bank increased by 9.4 per cent to Rs.129,483 million by 31 December 2022.
The Union Bank Group, consisting of Union Bank of Colombo PLC, UB Finance Company Ltd., and National Asset Management Ltd., recorded a PBT of Rs. 991 million and a PAT of Rs. 423 million
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