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Union Bank of Nigeria has reported that its pre-tax profit fell 46 percent year-on-year for the full year ended on December 31, 2015, due to higher loan impairments.

The bank’s 2015 audited report and financial statements released on Friday show that pre-tax profit fell to N14.44 billion, compared to the bank’s profit in 2014 which was N27.12 billion.

Union Bank’s revenues also fell 13.7 percent to N117.21 billion in 2015, compared to N135.89 billion in the previous year. The bank said its loan impairments rose by over 100 percent to N9.95 billion in 2015, compared to its loan impairments of N4.83 billion in 2014.

According to a statement the bank released on Friday, CEO of Union Bank of Nigeria, Emeka Emuwa, said 2015 was a challenging year across board with significant operational and economic headwinds. However, Mr. Emuwa said the bank maintained its focus on business and transformation initiatives which yielded desired results notwithstanding the difficult operating environment.

Union Bank said customer deposits appreciated by 12 per cent from N507.4 billion in 2014 to N569.1 billion last year due to the rebranding the bank undertook, and new products it offered. These added to increased customer confidence.

Union Bank is one of the oldest banks in Nigeria. The bank’s major shareholders are Union Global Partners, with 61.39 percent stake, and Atlas Mara, with 20.89 percent stake.

The bank said earnings per share fell to 83 kobo per share in 2015, compared to N151 kobo per share in the previous year.

As at 12.52 GMT, Union Bank’s shares traded at N1.25 per share.