Unity Bank Sustains Profitability Amidst Uncertainties
One of Nigeria’s lenders, Unity Bank Plc sustained its profitability status in the first nine months of the year despite the prevailing economic uncertainties in the country.
In its unaudited results for the third quarter of 2021 submitted to the Nigerian Exchange Group (NGX) Limited, Unity Bank Profit Before Tax for the year under review increased by 23 per cent to N2.11 billion, up from N1.71 billion in the same period in 2020.
Unity Bank also announced a 7 per cent 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 statement also showed that the bank recorded a 31 per cent increase in its loan book to N265.32 billion from N202.08 billion in 2020, as well as a 17 per cent increase in its asset base to N574.56 billion from N492.02 billion in December 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 per cent 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.
Commenting on the result, Unity Bank’s Managing Director/CEO, Mrs. Tomi Somefun expressed satisfaction with the performance indices of the third quarter of 2021 financials.
