Unity Bank Plc has declared gross earnings of N36.18 billion for the nine-month period ended September 30, 2021, recording a 23 per cent growth in profit after tax totalling 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 Limited showed that the bank’s gross earnings of N36.18 billion represents a moderate seven per cent growth from N33.9 billion recorded in the same period in 2020.
The bank during the period under review saw its loan book grow by 31 per cent 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.
Unity 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 in 2020.
The lender also grew its net interest income to N14.63 billion from N12.67 billion in the comparable 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.
Commenting on the result, Unity Bank’s managing director and chief executive, Mrs. Tomi Somefun, expressed satisfaction with the performance indices of the Q3/2021 financials.
To her, “particularly inspiring are the growing loan book and quality of assets which saw a 31 per cent growth, cash and balances with the CBN which was up by 24 per cent and PBT which rose by 23 per cent, altogether adding to the consecutive growth of the balance sheet in the last couple of years.”
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, Somefun said: “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”.
Analysts believe that the consistent growth trajectory in the Bank’s balance sheet as shown in Q1, H1 and Q3, 2021 results continue to reinforce growing market confidence as well as demonstrates the commitment and drive of the management to enhance shareholder’s value.