Unity Bank reports N22.8bn gross earnings in half-year 2020

Unity Bank Plc has declared gross earnings of N22.8 billion in the first half of 2020.

In its unaudited financials submitted to the Nigerian Stock Exchange, the half-year gross earnings rose 11 percent from the N20.55 billion reported in the corresponding period of 2019.

The bank said its profit before tax grew by seven percent from N1.05 billion in half-year 2019 to N1.12 billion in the period under review while profit after tax rose by seven percent to N1.03 billion from N967.51 million in the corresponding period of 2019.

Interest earnings were reported to have grown by 15 percent increase to N19.79 billion in half-year 2020, from N17.27 billion in half-year 2019, while its total operating income also grew by 14 percent to N12.14 billion from N10.69 billion in the same period in 2019.

Earnings per share stood at 17.64 kobo for the period ending 30 June 2020.

The bank’s half-year report also showed a 48 percent growth to N445.95 billion from N293.05 billion in the same period in 2019 and the growth of its loan book which rose by 53.7 percent to N131.48 billion from N70.62 billion in the second quarter of 2019.

Deposits were also reported to have increased by 19 percent to N306.47 billion from N257.69 billion as of December 2019.

Commenting on the result, Tomi Somefun, the bank’s managing director said: “Despite the inclement economic conditions occasioned by the global pandemic which almost paused or at best put activities at a slower pace in virtually all sectors of the economy, the bank has been able to ride the waves to maintain its growth trajectory looking at the key performance indicators”.

“The assessment, therefore, is that the repositioning efforts which have taken root before the headwinds are equally able to withstand shocks.”

Somefun said the strength of the bank’s balance sheet can be attributed to a continued focus on its niche, agribusiness.