Unity Bank Reports N2.72bn Profit in 3Q

Unity bank
  • Unity Bank Reports N2.72bn Profit in 3Q

Unity Bank Plc announced N2.72 billion profit before tax for its unaudited third quarter financial report.

The commercial bank attributed the modest performance to the challenging operating environment while pointing to key financial indices to validate sustained growth.

“This attests to the bank’s ability to remain profitable and resolute in its commitment to delivering value and return on investment to its shareholders and customers,” it said in a statement.

The commercial bank reported gross earnings of N65.03 billion in the third quarter, up from N64.58 billion recorded in the corresponding quarter of 2016. Post- tax profit stood at N2.45 billion.

However, operating expenses were down 2 percent from N18.9 billion in the 3Q of 2016 to N18.6 billion in the 3Q of 2017. This, the bank attributed to cost containment initiatives instituted by the bank to optimize resources for efficiency and effectiveness.

Earnings per share stood at 20.94 kobo in the quarter.

Speaking on the report, Mrs. Tomi Somefun, the Managing Director/Chief Executive Officer, Unity Bank said “the bank in the process of repositioning itself had tapped into the emerging opportunities in the enlarged economic space within Nigeria particularly in the agriculture and the Small and Medium Enterprises value chains.”

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Samed Olukoya
Samed Olukoya is the CEO/Founder of investorsking.com, a digital business media, with over 10 years experience as a foreign exchange research analyst and trader.

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