Nigeria's Union Bank 2013 profit up 24 pct

LAGOS, April 23 Wed Apr 23, 2014 1:42pm EDT

Related Topics

LAGOS, April 23 (Reuters) - Nigeria's Union Bank said on Wednesday its 2013 pretax profit rose to 4.2 billion naira ($25.98 million), up 24 percent from 3.4 billion naira a year ago.

The lender said gross earnings grew 7 percent year-on-year to 103 billion naira during the 12-month period to Dec. 31, it said in a statement.

Union Bank said it had not consolidated its subsidiaries as part of its 2013 accounts because it was in the process of disposing of them to focus on retail and business banking in Africa's biggest economy.

($1 = 161.6500 Nigerian Nairas) (Reporting by Chijioke Ohuocha, editing by David Evans)