Unity Bank Plc has declared a half-year result, posting gross earnings of N23.6 billion, which is a three per cent increase compared to the corresponding period of 2020.
A review of the unaudited half-year (H1) result for the period ended June 30, 2021,s released to the Nigerian Exchange Limited, the Agric-focused lender showed notable improvements across key financial matrices.
The bank grew bottom-line by 34 per cent as profit before tax moved up significantly in positive territory to close at N1.50 billion, from N1.12 billion recorded in H2, 2020.
Similarly, the profit after tax closed at N1.38 billion within the period under review from N1.03 billion recorded in the corresponding period of 2020, a sign of a stronger recovery in the overall economy and the bank’s key focus market segment after a disruptive pandemic year.
A major highlight of the result is the growth in the bank’s loan book, which saw a 22 per cent increase to N246.90 billion within the period compared to N202.08 billion recorded in H2, 2020. The lender also sustained a growth trajectory in its assets as total assets for the period rose by 11 per cent to N547.37 billion from N492.02 billion as of December 31, 2020.
Other highlights of the financial statement include a 21 per cent jump in fee and commission income to N3.07 billion from N2.54 billion in the corresponding period of 2020; and N9.87 billion upticks in net interest incomes, representing a nine per cent increase from the N9.06 billion recorded in the corresponding period of 2020.
Speaking on the result, managing director/ chief executive officer, Unity Bank, Mrs Tomi Somefun, noted encouraging trends in key performance indicators driving the numbers reported in the H1 result.
He said the bank was beginning to reflect greater consistency, steady outlook and resilience that place it on a performance pedestal ahead of the volatilities in the operating environment occasioned partly by the prevailing global pandemic and other market shocks that have far-reaching implications in the local and foreign economies.