Unity Bank Half-year Profit After Tax Falls by 70% to N2.2bn

Unity Bank Plc has recorded a profit after tax (PAT) of N2.353 billion for the six months ended June 30, 201, showing a fall of 70.2 per cent compared with N7.897 billion posted in the corresponding period of 2015.

The results showed that gross income declined by 39 per cent to N21.776 billion in 2016, down from N33.563 billion in 2015. Net interest income fell by 48 per cent from N14.563 billion to N7.555 billion in 2016, while total interest income stood at N15.723 billion, as against N23.856 billion in 2015.Consequently, PAT dipped by 70.2 per cent to N2.353 billion, down from N7.897 billion in 2015.

Market analysts said given the H1 performance, the board and management need to work harder to improve on the bank’s performance in the second half of the year in order to deliver on the assurance given by the Managing Director/CEO of the bank, Mrs. Tomi Somefun while commenting on the 2015 performance and 2016 outlook of the bank.

Somefun had noted that “with the bank’s repositioning efforts and consistent focus to tap into the emerging opportunities in the enlarged economic space within Nigeria, Unity Bank is poised to deliver quality banking service to emerging sectors in Retail/ SME, commercial and the agricultural value chain. The bank is building strong infrastructure for retail banking and attracting youths for its sustainable banking business by developing customer-centric products to meet the needs of its esteemed customers and build new clientele base. With the bank’s capital raising exercise, the year ahead is bright as the effects of the on-going transformation initiatives will surely consolidate Unity Bank as a retail bank of choice, culminating in superior financial performance and values to all stakeholders.”

Unity Bank relocated its head office to Lagos from Abuja in March 2016. It had said the benefits of relocation are beginning to trickle in with enormous positive impacts felt by the business nationwide.

“The bank is now in a better position to tap into the core commercial hub of Lagos by leveraging on the huge retail spin-offs/opportunities and harness the diverse business potentials provided by population, port and patents for excellent service delivery to its esteemed customers.