FIRST BANK

Unity Bank Posts N23B Gross Earnings as Pre-tax Profit Rises by 34% in H2

Nigeria’s retail lender, Unity Bank Plc has declared half-year gross earnings of 23.6 billion Naira, a 3% increase when compared with the corresponding period of 2020.

The Agric-focused lender’s unaudited half-year 2021 financial statement submitted to the Nigerian Exchange Limited on Friday showed improved performance on several key indicators including a 34% increase in Profit Before Tax, PBT to N1.502 billion from N1.120 billion recorded in H2 2020.

Profit After Tax, PAT equally rose by 34% to close at N1.382 billion within the period under review from N1.030 billion recorded in the corresponding period of 2020, a sign of a stronger recovery in the overall economy and the Bank’s key focus market segment after a disruptive pandemic year.

A major highlight of the result is the growth in the Bank’s loan book, which saw a 22% increase to N246.904 billion within the period compared to N202.080 billion recorded in H2 2020.

The lender also sustained growth trajectory in its assets as total assets for the period rose by 11% to N547.369 billion from N492.020 billion as of December 31, 2020.

Other highlights of the financial statement include a 21% jump in fee and commission income to N3.073 billion from N2.544 billion in the corresponding period of 2020; and N9.867 billion upticks in net interest incomes, representing a 9% increase from the N9.059 billion recorded in the corresponding period of 2020.

Interest and similar income also rose recorded a marginal 2% growth to close at N20.273 billion compared to the N19.787 billion recorded in half-year 2020. Earnings per share rose by 3 kobo to close at 11.82 Kobo within the period compared to 8.82 Kobo recorded in the corresponding period of 2020.

The financial report which also contained the details of a separate Q2, 2021 report also showed that the Bank recorded a 17% leap in gross income to N12.322 billion from N10.497 billion recorded in the corresponding quarter of 2020.

Pre-tax profit for the period closed at N718.009 million, a 31% increased from N546.354 million recorded in Q2 2020, while Profit After Tax equally rose by 31% to close at N660.568 million from N502.645 million recorded in the corresponding review period.

The major highlights of the Q2 report is a significant increase in fee and commission income by a whopping 297% to N1.471 billion from N370.47 million. This is even as the net interest income for the quarter spiked by 34% to N5.063 billion from N3.790 billion in the corresponding review period.

 

Access Bank

About Daily Record

Check Also

CBN raises MPR to 13%, retains other parameters

For the first time in over two years,  the Central Bank of Nigeria (CBN) has …

Leave a Reply

Your email address will not be published. Required fields are marked *