Unity Bank grosses N33.9b in Q3

[Edoman]

Unity Bank grosses N33.9b in Q3
November 23, 2020


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UNITY Bank Plc has declared gross earnings of N33.91 billion for the third quarter as total assets rose by 44 per cent.

Interim report and accounts of Unity Bank for the nine-month period ended September 30, 2020 showed  that gross earnings rose by eight per cent to N33.91 billion in third quarter 2020 as against N31.26 billion in third quarter 2019.

Total assets rose significantly to N420.870 billion in the nine-month period ended September 30, 2020, from N293.052 billion in the corresponding period of 2019, representing an increase of 44 per cent. The bank grew its bottom-line by six per cent as profit before tax rose to N1.710 billion from N1.611 billion. Profit after tax also improved to N1.573 billion in third quarter 2020 compared to the N1.482 billion recorded in the same period in 2019.

This performance comes on the heels of the unmitigated impact of the global pandemic on the economy, which lingered throughout the quarter with its attendant headwinds that slowed down economic activities.

The lender also substantially grew its customers’ deposit portfolio to N332.362 billion from N257.691 billion for the same period in 2019, creating a 29 per cent increase, affirming the confidence reposed by its wide spectrum of the banking public.

 The lender, it was gathered, rolled out massive customer-centric products to the public especially in the retail space which accelerated the banking patronage during the period.

Managing Director, Unity Bank Plc, Mrs. Tomi Somefun commended the steady growth of the balance sheet especially from both assets and liability side of the business and across key performance indices.