Unity Bank Revved up Performance as Gross Earnings Hits ₦22.87bn

Unity Bank Revved up Performance as Gross Earnings Hits ₦22.87bn

Unity Bank Plc has declared gross earnings of ₦22.87 billion for the half year ended June 30, 2020 as lender’s earned 17.64 kobo on every shares deployed in operation.

The lender’s balance sheet size expanded by 52% year on year on account of increased cash and balances with the Central Bank of Nigeria.

Tomi Somefun, Managing Director and Chief Executive Officer, stated this in the bank’s unaudited financials submitted to the Nigerian Stock Exchange (NSE) on Wednesday in Lagos.

Somefun said that the half-year gross earnings rose by 11% to ₦22.87 billion from ₦20.55 billion in the corresponding period of 2019.

Profit before tax grew by seven % to ₦1.12 billion in the period under review from ₦1.05 billion achieved in the corresponding period of 2019.

Also, the Profit after tax, rose by seven % to ₦1.03 billion from ₦967.51 million in the corresponding period of 2019.

The half year results showed that the lender recorded gross earnings of ₦11.01 billion, a five % growth from the ₦10.50 billion recorded for the same period in 2019.

Similarly, the lender’s interest earnings recorded a 15 % increase to ₦19.79 billion within the period, from ₦17.27 billion in the corresponding period in 2019.

Its total operating income also grew by 14 % to ₦12.14 billion from ₦10.69 billion in the same period in 2019. Earnings per Share stood at 17.64 Kobo for the period ending June 30.

The Bank’s half-year report also showed a huge boost in asset, which saw a 48 % growth to ₦445.95 billion from ₦293.05 billion in the same period in 2019.

This follows the growth of the Bank’s loan book which rose by 53.7 % to ₦131.48 billion from ₦70.62 billion in Q2, 2019.

A further review of the H1 financial statement showed that the agribusiness-focused lender grew its deposit by 19 % to ₦306.47 billion from ₦257.69 billion as at December 2019.

Somefun said: “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.

Read Also: Unity Bank Returns to Profitability in 2019, Stays Positive in Q1

“The assessment, therefore, is that the repositioning efforts which have taken root before the headwinds are equally able to withstand shocks.

“The growing health and strength of the Bank’s balance sheet is attributable to the fact that while the bank remained focused on its niche market, which is agribusiness, the bank has also continued to grow its brand franchise in many areas of the retail market by promoting and leveraging its agriculture value chain businesses as an offshoot,” she said.

The statement added that the views of analysts continued to reinforce the gains of the repositioning drive anchored on the agribusiness as the backbone for the steady growth and performance in the half-year 2020.

They share optimism for an even more positive outlook in the future, as market confidence continues to improve

Unity Bank Revved up Performance as Gross Earnings Hits ₦22.87bn

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