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Nigeria's Union Bank swings to H1 pre-tax loss
December 11, 2009 / 2:24 PM / 8 years ago

Nigeria's Union Bank swings to H1 pre-tax loss

LAGOS, Dec 11 (Reuters) - Nigeria’s Union Bank UBNP.LG said on Friday it had swung to a pre-tax loss of 222.86 billion naira ($1.5 billion) for the half year to September from a 14.19 billion naira pre-tax profit a year ago.

The bank, one of nine rescued in a $4 billion bailout earlier this year, said it had made provisions for exceptional items, risk assets and investments of more than 250 billion naira. Gross earnings rose 63 percent to 97.5 billion naira.

Union Bank is changing its financial year to the calendar year in line with a central bank directive to establish a uniform reporting period across the banking sector. (For more Reuters Africa coverage and to have your say on the top issues, visit: af.reuters.com/ ) (Reporting by Oludare Mayowa; Writing by Nick Tattersall)

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