UPDATE 1-Nigeria's Union Bank posts lower Q1 group profit on sale of units

April 28, 2015 9:28 PM

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LAGOS, April 28 (Reuters) - Nigeria's Union Bank reported a 51 percent drop in first quarter pretax profit to 2.49 billion naira ($13 million) from a year ago, when results were driven by one-off gains from divestment of subsidaries in 2014, it said on Tuesday.

The bank said adjusted pretax profit without the one-off gain on disposal of subsidiaries more than doubled to 2.7 billion naira during the period, compared with 1.3 billion in the first quarter of 2014.

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