Unity Bank Announces 23 Percent Increase in Profit After Tax

Unity Bank Plc, one of Nigeria’s lenders, on Friday reported an impressive financial statement for the nine months ended September 30, 2021. The lender grew profit after tax by 23 per cent to N1.94 billion in the period, while gross earnings improved by 7 per cent from N33.9 billion in the same period of 2020 to N36.18 billion in the first nine months of 2021.

In the unaudited financial statement filed with the Nigerian Exchange Limited, the bank’s loan book grew by 31 percent to N265.32 billion from N202.08 billion recorded in 2020.

Asset base jumped by 17 percent to N574.56 billion from N492.02 billion recorded in December 2020. Profit Before Tax expanded by 23 percent to N2.11 billion from N1.71 billion achieved in the corresponding period of 2020.

Similarly, the bank grew its net interest income to N14.63 billion from N12.67 billion in the same period in 2020; creating a 15 percent 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 percent to report an increase of N4.56 billion from N3.92 billion within the period under review. Largely due to a dividend of the Bank’s strategic retail play which has boosted transaction volume.

Commenting on the strong performance, the Managing Director/CEO, Unity Bank, Mrs. Tomi Somefun, said “the market is increasingly beginning to see the efforts in the strategic refocussing 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.

According to the Unity Bank’s boss, “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”.