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

...Records 7% growth in PAT


Unity Bank Plc has de­clared gross earn­ings of N22.8 bil­lion in the pe­riod be­tween Jan­uary and June 2020, con­tin­u­ing an im­pres­sive run it recorded in the 2019 fi­nan­cials when it posted N44.59 bil­lion.

Ac­cord­ing to the re­tail lender’s unau­dited fi­nan­cials sub­mit­ted to the Nige­ria Stock Ex­change, the half-year gross earn­ings rose 11 per cent to N22.87 bil­lion from N20.55 bil­lion in the cor­re­spond­ing pe­riod of 2019.

Profit be­fore Tax, PBT grew by 7 per cent from N1.05 bil­lion in half- year 2019 to N1.12 bil­lion in the pe­riod un­der re­view. This is even as the Profit af­ter Tax, PAT, equally rose by 7 per cent to N1.03 bil­lion from N967.51 mil­lion in the cor­re­spond­ing pe­riod of 2019.

The half year re­sults showed that the lender recorded gross earn­ings of N11.01 bil­lion, a 5 per cent growth from the N10.50 bil­lion recorded for the same pe­riod in 2019.

Sim­i­larly, the lender’s in­ter­est earn­ings recorded a 15 per cent in­crease to N19.79 bil­lion within the pe­riod, from N17.27 bil­lion in the cor­re­spond­ing pe­riod in 2019, while its to­tal op­er­at­ing in­come also grew by 14 per cent 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 30June 2020.

The Bank’s half-year re­port also showed a huge boost in as­set, which saw a 48 per cent growth to N445.95 bil­lion from N293.05 bil­lion in the same pe­riod in 2019.

This fol­lows the growth of the Bank’s loan book which rose by 53.7 per cent to N131.48 bil­lion from N70.62 bil­lion in Q2, 2019.

A fur­ther re­view of the H1 fi­nan­cial state­ment showed that the agribusi­ness- fo­cused lender grew its de­posit by 19 per cent to N306.47 bil­lion from N257.69 bil­lion as at De­cem­ber 2019.

Com­ment­ing on the re­sult, Tomi Some­fun, man­ag­ing di­rec­tor/ceo, Unity Bank Plc, 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.”

She fur­ther stated that the grow­ing health and strength of the Bank’s bal­ance sheet is at­trib­ut­able to the fact that while the Bank re­mained fo­cused on its niche mar­ket, which is Agribusi­ness, it has also con­tin­ued to grow its brand fran­chise in many ar­eas of the re­tail mar­ket by pro­mot­ing and lev­er­ag­ing its Agri­cul­ture value chain busi­nesses as an off­shoot.

The views of an­a­lysts con­tinue to re­in­force the gains of the repo­si­tion­ing drive an­chored on the agribusi­ness as the back­bone for the steady growth and performanc­e in the half-year 2020. They share op­ti­mism for an even more pos­i­tive out­look in the fu­ture, as mar­ket con­fi­dence con­tin­ues to im­prove.

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