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Unity Bank earns N36.18bn in nine months



Five Nigerian banks ignored by foreign investors in 2020

Unity Bank Plc has announced a 7 percent increase in its gross earnings to N36.18 billion for the nine-month period ending September 30 compared to N33.9 billion in 2020.

The bank revealed this in its unaudited results for the third quarter of 2021 submitted to the Nigerian Exchange Group (NGX) Limited and obtained by Ripples Nigeria on Monday.

The statement also showed that the bank recorded a 31% increase in its loan book to N265.32 billion from N202.08 billion in 2020, as well as a 17% increase in its asset base to N574.56 billion from N492.02 billion in December 2020.

While Profit Before Tax for the year under review increased by 23% to N2.11 billion, up from N1.71 billion in the same period in 2020.

The lender 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.

While fees and commissions averaged 16 percent to report an increase of N4.56 billion from N3.92 billion within the period under review, attributable to a dividend of the bank’s strategic retail play, which has boosted transaction volume.

READ ALSO: Trade off in Unity Bank shares as investors gain N468m

Commenting on the result, Unity Bank’s Managing Director/CEO, Mrs. Tomi Somefun expressed satisfaction with the performance indices of the Q3/2021 financials.

“Particularly inspiring are the growing loan book and quality of assets (31% growth), cash and balances with the CBN which is 24 percent growth and PBT at 23 percent growth, altogether adding to the consecutive growth of the balance sheet in the last couple of years, “she said.

She also stated that the market is increasingly beginning to see the efforts in the strategic refocusing of our business and diversification of our earnings base which is translating into tangible results even as we strive to meet the expectations of our esteemed customers and cherished stakeholders.

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