Unity Bank posts N36.18bn earnings in 9 months, profit up by 23%

Unity Bank Plc has declared gross earnings of N36.18 bllion for the nine-month period ended September 30, 2021

The bank also  reported  a 23 per cent growth of Profit After Tax ( PAT) totalling to  N1.94 billion for the same period. 

A review of the bank’s  unaudited results for the third quarter of 2021 submitted at the Nigerian Exchange (NGX)Limited showed that the Bank’s gross earnings stood at  N36.18 billion represents a moderate 7 per cent growth from N33.9 billion recorded in the same period of 2020. 

Also, with the strong performance recorded during the period under review buoyed by a 31 per cent  growth in its loan book to N265.32 bllion from N202.08 billion recorded in 2020, the bank  also grew its asset base by 17 per cent to N574.56 billion from N492.02 billion recorded in December 2020. 

The Bank’s Profit Before Tax for the period under review grew by 23 per cent to N2.11 bllion from N1.71 billion in the corresponding period in 2020. 

This sterling performance comes amid fragile recovery and volatilities in the operating environment and key macroeconomic indicators following the global Covid-19 pandemic, weak market sentiments and inflationary trends, as well as tough regulatory headwinds that have impacted severely on economic activities. 

The bank also substantially grew its net interest income to N14.63 billion from N12.67 billion in the same period in 2020; creating a 15 per cent uptick from the value of the Bank’s rising loan portfolio and an improvement in its transaction banking activities with its customers, achieved through excellent service delivery. 

Commenting on the result, Unity Bank’s Managing Director/Chief Executive Officer, Mrs. Tomi Somefun expressed satisfaction with the performance indices of the third quarter of 2021 financials. Particularly inspiring are the growing loan book and quality of assets (31 per cent growth), cash and balances with the CBN (24 per cent growth) and PBT (23 per cent  growth), altogether adding to the consecutive growth of the balance sheet in the last couple of years. 

Related content you may like