Unity Bank reports gross profit of N36.18 billion in 9 months – The Sun Nigeria
Through Omodele Adigun
Unity Bank Plc reported gross profit of N36.18 billion for the nine-month period ended September 30, 2021, and PAT growth of 23% totaling N 1.94 billion for the same period.
A review of unaudited Q3 2021 results reported to Nigerian Exchange Group Limited showed that the bank’s gross profit of N36.18 billion represents a moderate growth of seven percent from the N33.9 billion recorded. during the same period in 2020.
In addition, with the strong performance recorded during the period under review supported by a 31% growth of its loan portfolio to N265.32 billion from N202.08 billion recorded in 2020, the lender also increased its base of assets by 17% to N574.56 billion of N492 .02 billion recorded in December 2020.
The bank’s pre-tax profit rose 23 percent to 2.11 billion naira, from 1.71 billion naira during the corresponding period in 2020.
This excellent performance comes against a backdrop of a fragile recovery and volatility in the operating environment and key macroeconomic indicators following the global Covid-19 pandemic, weak market sentiment and inflationary trends, as well as regulatory headwinds that have severely affected economic activities.
The lender also significantly increased its net interest income to N14.63 billion from N12.67 billion during the same period in 2020; creating a 15% increase in the value of the Bank’s growing loan portfolio and improving its transactional banking activities with its clients, through excellent service delivery.
The lender’s fees and commissions averaged 16% to signal an increase of 4.56 billion naira from 3.92 billion naira during the period under review, attributable to a dividend from the strategic game of detail of the bank that boosted the volume of transactions.
Commenting on the result, Unity Bank Managing Director / CEO Ms. Tomi Somefun said she was satisfied with the performance indices of the Q3 / 2021 financial statements. particularly inspiring are the increase in loan portfolio and asset quality (growth of 31 percent), cash and balances with CBN (growth of 24 percent) and PBT (growth of 23 percent), adding in total to the consecutive growth of the balance sheet in the last two years.
In her overall assessment, she said that “the market is increasingly starting to see efforts to strategically refocus our business and diversify our revenue base, which translates into tangible results even as we strive to meet the expectations of our esteemed customers and valued stakeholders.