Unity Bank records N23bn gross earnings | Dailytrust

Unity Bank records N23bn gross earnings

Unity Bank, Nigeria
Unity Bank, Nigeria

Unity Bank Plc has declared its half-year gross earnings of N23.6 billion, which is a three percent increase compared with the corresponding period in 2020.

A review of the unaudited half-year result (H1 2021) released to the Nigerian Exchange (NGX), showed notable improvement across key financial matrices.

The bank grew bottom-line by 34% as Profit Before Tax (PBT) moved up significantly in positive territory to close at N1.50bn from N1.12bn recorded in H2 2020.

Profit After Tax (PAT) closed at N1.38bn within the period under review from N1.03bn recorded in the corresponding period of 2020, a sign of a stronger recovery in the overall economy and the bank’s key focus market segment after a disruptive pandemic year.

A major highlight of the result is the growth in the bank’s loan book, which saw a 22% increase to N246.90bn within the period compared to N202.08bn in H2 2020.

The lender also sustained a growth trajectory in its assets as total assets for the period rose by 11% to N547.37bn from N492.02bn as of December 31, 2020.

The Managing Director/CEO, Mrs Tomi Somefun, said the bank is beginning to reflect greater consistency, steady outlook and resilience that places it on a performance pedestal ahead of the volatilities in the operating environment.

She said these volatilities are partly due to the prevailing pandemic and other market shocks that have far-reaching implications in the local and foreign economies.

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