Unity Bank pre-tax profit grows by 34%

Unity Bank Plc has declared half-year financial result for the period ended June 30, 2021, posting gross earnings of N23.6 billion.

The amount represents an increase of three percent compared with the corresponding period of 2020.

A review of the bank’s unaudited half year financial result released at the Nigerian Exchange (NGX), the Agric-focused bank showed notable improvement across key financial matrices.

The Bank grew bottom-line by 34 per cent as Profit before Tax (PBT) moved up significantly in positive territory to close at N1.50 billion from N1.12 billion recorded in second half of 2020

Similarly, the Profit After Tax, (PAT) closed at N1.38 billion within the period under review from N1.03 billion reported in the corresponding period of 2020, representing a growth of N350 million or 33.98 per cent.

The growth, according to the bank was a sign of a stronger recovery in the overall and the Bank’s key focus market segment after a disruptive pandemic year.

A major highlight of the bank’s result is the growth in the Bank’s loan book, which saw a 22 per cent increase to N246.90 billion within the period compared to N202.08 billion reported in the preceding year.