Unity Bank Plc has declared gross earnings of N22.8 billion in the period between January and June 2020.
This signals continued impressive performance recorded by the bank in the 2019 financials when it posted a top-line figure of N44.59 billion.
The bank’s unaudited financials submitted to the Nigerian Stock Exchange (NSE) showed that the half-year gross earnings rose from N20.55 billion to N22.87 billion representing 11 per cent growth compared to the corresponding period of 2019.
Profit before Tax grew by 7 per cent from N1.05 billion in half-year 2019 to N1.12 billion in the reporting period while pre-Tax Profit equally rose to N1.03 billion from N967.51 million in the corresponding period of 2019 – representing 7 per cent.
Additional indication of the bank’s impressive performance showed in the rise in its gross earnings which rose 5 per cent to N11.01 billion from N10.50 billion achieved in the corresponding period in 2019.
Similarly, the lender’s total operating income grew by 14 per cent to N12.14 billion from N10.69 billion in the first half of 2019, while its total operating income also grew by 14 per cent to N12.14 billion from N10.69 billion in the review period.
Unity Bank also recorded a huge boost in asset, which saw a 48 per cent growth to N445.95 billion from N293.05 billion in the same period in 2019.
This was on the heels of significant growth in the lender’s loan book which rose by 53.7 per cent to N131.48 billion from N70.62 billion in Q2, 2019.
The agribusiness-focused lender also grew its deposit by 19 per cent to N306.47 billion from N257.69 billion as at December 2019.
Commenting on the result, the Managing Director/CEO, Unity Bank Plc, Mrs. Tomi 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.
The assessment, therefore, is that the repositioning efforts which have taken root before the headwinds are equally able to withstand shocks”.
According to her, the growing health and strength of the Bank’s balance sheet is attributable to its increasing attention to Agribusiness as its niche market.
She noted that the lender had remained focused in its efforts to grow its brand franchise in many areas of the retail market by promoting and leveraging its Agriculture value chain businesses as an offshoot.