Connect with us
Advertise With Us

BANKING AND FINANCE

Unity Bank Grows Profit By 96% In H1

Published

on

Unity Bank Plc has released its unaudited financials on the Nigerian Stock Exchange (NSE) for the half year – ended June 2019, posting a 96 per cent growth in its profit.

The bank’s financials showed that it recorded a growth in profitability by over 96 per cent as its profit -before – tax stood at N1.052 billion as against N536 million which it made in the comparable period of 2018.

A review of the bank’s performance also showed significant improvements across key financial metrics such as the earnings assets and gross loans. The bank recorded a quantum leap in its earning assets by 62 per cent thus leading to higher income and grew its gross loans by 456 per cent.

This increase was also boosted by an increase in investment securities (holdings of Treasury Bills and Bonds) which led to a 23 per cent growth in interest income.

Similarly, in the period under review, gross earnings grew by 17 per cent, while operating expenses reduced by 20 per cent.  Earnings per share improved by 66 per cent to 17.99kobo for the period ended June 30, 2019 compared to 10.86kobo in FY 2018; with PBT Margin, Net Assets per share and ROA improving by 1.3, 0.2 and 0.2 per cents respectively.

This performance according to the bank,  was supported by its effort to improve asset utilisation which reduced the need for asset acquisition, thus translating to lower depreciation and amortisation expenses, with this cost declining by 27 per cent from the comparative period of 2018.

The bank also said it increased its focus on its agribusiness through its partnership with the Central Bank of Nigeria (CBN).

Commenting on the result, the managing director and chief executive of the bank, Mrs. Tomi Somefun said, “The bank has started to reap from its multiple streams of income which include asset creation, investments and trade activities amongst others.”

She further stated that the bank’s increasing focus on its areas of strength- agribusiness and retail, its automation of more processes with the aim of cutting off wasteful expenditure and constant improvement of service delivery through the use of internally developed solutions saved the bank huge sums in cost.

Advertisement
Comments

MOST POPULAR

%d bloggers like this: