Unity Bank Posts N23bn Half-year Earnings

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Unity Bank Plc has declared gross earnings of N22.8 billion in the period between January and June 2020.

According to the lender’s unaudited financials submitted to the Nigeria Stock Exchange, the half-year gross earnings rose 11 per cent to N22.87 billion, up from the N20.55 billion recorded in the corresponding period of 2019.

Its profit before tax grew by seven per cent, from N1.05 billion in half-year 2019 to N1.12 billion in the period under review. This is even as its profit after tax equally rose by seven per cent to N1.03 billion, from N967.51 million in the corresponding period of 2019.

Similarly, the lender’s interest earnings recorded a 15 per cent increase to N19.79 billion within the period, up from N17.27 billion in the corresponding period in 2019, while its total operating income also grew by 14 per cent to N12.14 billion from N10.69 billion in the same period in 2019.

Earnings per share stood at 17.64 Kobo for the period ending 30June 2020.
The bank’s half-year report also showed a huge boost in asset, which saw a 48 per cent growth to N445.95 billion from N293.05 billion in the same period in 2019.

This followed the growth of the bank’s loan book which rose by 53.7 per cent to N131.48 billion, from N70.62 billion in Q2, 2019.

Commenting on the result, the Managing Director/CEO, Unity Bank Plc, Mrs. Tomi Somefun said: “Despite the inclement economic conditions occasioned by the global pandemic which almost paused or at best put activities at a slower pace in virtually all sectors of the economy, the bank has been able to ride the waves to maintain its growth trajectory looking at the key performance indicators. “The assessment, therefore, is that the repositioning efforts which have taken root before the headwinds are equally able to withstand shocks.”

She further attributed the growing health and strength of the bank’s balance sheet to the fact that it has remained focused on its niche market, which is agribusiness.