Unity Bank Earns N22.8 Billion Half Year, Profit Soars

By Ola Samuel

The Managing Director of the forward moving bank, Unity Bank Plc, Tomi Somefun has disclosed that efforts by her management to reposition the once troubled lender have started yielding positive results.

The bank’s Chief Executive Officer, CEO stated this on the crest of the half year 2020 financial reports presented to the Nigerian Stock Exchange, NSE which shows gross earnings of N22.8 billion in the period between January and June 2020, indicating that the bank is poised to surpass the 2019 full figures of N44.59 billion.

“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 said.

The unaudited report shows that half-year gross earnings rose 11 per cent to N22.87 billion from N20.55 billion year on year, YoY.

According to the statement made available to the magazine, Profit before Tax, PBT grew by 7 per cent from N1.05 billion in half-year 2019 to N1.12 billion in the period under review, while Profit after Tax, PAT, rose by 7 per cent to N1.03 billion from N967.51 million in the corresponding period of 2019.

The forward moving bank recorded gross earnings of N11.01 billion, a 5 per cent growth from the N10.50 billion Year on Year, Yoy, while  interest earnings recorded a 15 per cent increase to N19.79 billion, from N17.27 billion in the corresponding period.

Operating income grew by 14 per cent to N12.14 billion from N10.69 billion while its asset grew to N445.95 billion from N293.05 billion in the same period in 2019.

Speaking further on the result, Somefun stated that Unity Bank will focus more on Agribusiness, its core market to drive growth.