Unity Bank Posts N36.18bn Gross Earnings in 9 Months

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Unity Bank Plc has declared gross earnings of N36.18 billion for the nine-month period ended September 30, 2021, and a 23 per cent growth in profit after tax to N1.94 billion for the same period.

A review of the unaudited results for the 3rd Quarter of 2021 released to the Nigerian Exchange Group (NGX) Limited showed that the bank’s recorded gross earnings of N36.18 billion as against N33.9 billion recorded in the same period in 2020 representing a moderate 7 per cent growth.

Also, with the strong performance recorded during the period under review buoyed by a 31 per cent growth in its loan book to N265.32 billion from N202.08 billion recorded in 2020, the lender also grew its asset base by 17 per cent to N574.56 billion from N492.02 billion recorded in December 2020.

The bank’s Profit Before Tax for the period under review grew by 23 per cent to N2.11 billion from N1.71 billion in the corresponding period of 2020.

The bank in a statement said the performance came amid fragile recovery and volatilities in the operating environment and key macroeconomic indicators following the global Covid-19 pandemic, “weak market sentiments and inflationary trends, as well as tough regulatory headwinds that have impacted severely on economic activities.”

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.

The lender’s 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 Q3/2021 financials. “Particularly inspiring are the growing loan book and quality of assets (31% growth), cash and balances with the CBN which is 24 per cent growth and PBT at 23 per cent growth, altogether adding to the consecutive growth of the balance sheet in the last couple of years, “she said.

She stated, “the market is increasingly beginning to see the efforts in the strategic refocusing of our business and diversification of our earnings base which is translating into tangible results even as we strive to meet the expectations of our esteemed customers and cherished stakeholders.

“In addition, she said that while the Bank’s focus on agribusiness has provided both brand and business benefits while the institution has also made significant investment in the development of the retail market in order to grow its market share in various target segments by scaling up operations in the niche market.”

Somefun also stated that the bank shall remain dynamic by embracing current and emerging market trends in technology, effectively targeting the youth market, driving financial inclusion in the women segment, developing robust product marketing to create value through a focus on digital strategies to facilitate transaction and e-banking channels.

Looking ahead, Mrs. Somefun stated: “We are optimistic that nothing will threaten to upend the current COVID-19 recovery, especially as the Bank is poised towards building an increased momentum to ride the wave of the economic headwinds, even as the growing inflationary pressures and the soaring energy prices still remain a concern.

“Ours is a continuous balancing act and revolutionary performance towards repositioning the business nationwide via tapping into emerging opportunities across the banking space, including the digital financial services spheres.”

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