Unity Bank Records ₦22.8 Billion Gross Earning In H1 2020

Unity Bank Plc has recorded gross earnings of ₦22.8 billion within the period of January and June 2020

The ₦22.8 billion is an impressive result and can be compared to its 2019 financials when it recorded the sum of ₦44.59 billion.
In the lender’s unaudited financials submitted to Nigeria Stock Exchange (NSE), the half-year gross earnings rose 11% to ₦22.87 billion from ₦20.55 billion in the same period of 2019.
The company’s Profit before Tax (PBT) grew by 7% from ₦1.05 billion in half-year 2019 to

₦1.12 billion in the period.

The 6 months result shows that the lender recorded gross earnings of ₦11.01 billion which is a 5% growth from the ₦10.50 billion recorded for the same period in 2019. Its Earnings per Share stood at 17.64 kobo for the period of June this year.

The bank’s loan book rose by 53.7% to ₦131.48 billion from ₦70.62 billion in the first quarter of 2019.

The agribusiness-focused lender grew its deposit by 19% to ₦306.47 billion from ₦257.69 billion as of December 2019.

“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,” Managing Director/CEO, Unity Bank Plc, Tomi Somefun said.

She further stated that the bank’s strength lies in its main focus which is Agribusiness.  Another reason is the fact that it has continued to grow its brand franchise in many areas of the retail market by promoting and leveraging its Agricultural value as an offspring.

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