Unity Bank posts N23bn half-year earnings

Fri, Jul 31, 2020

By publisher

2 MIN READ

UNITY Bank Plc has declared gross earnings of N22.8 billion in the period between January and June 2020. The bank’s unaudited accounts submitted to the Nigeria Stock Exchange, NSE, shows that the half-year gross earnings rose 11 percent to N22.87 billion, up from the N20.55 billion recorded in the corresponding period of 2019.

According to the bank, its profit before tax grew by seven percent, 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 percent to N1.03 billion, from N967.51 million in the corresponding period of 2019.

Similarly, the lender’s interest earnings recorded a 15 percent 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 percent 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 30 June 2020. The bank’s half-year report also showed a huge boost in assets, which saw a 48 percent 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 percent to N131.48 billion, from N70.62 billion in Q2, 2019.

Commenting on the result, Tomi Somefun, managing director, Unity Bank Plc, 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.”

Somefun 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.

– Jul. 31, 2020 @ 15:15 GMT |