Unity Bank grows after tax profit by 6% to N1.57bn Q3’20

Unity Bank Plc reported a growth of 6 per cent in its Profit After Tax (PAT) for third quarter 2020 unaudited report to N1.573 billion compared to the N1.482 billion recorded in the same period in 2019.

The performance was contained in the unaudited results for the nine-month period ended September 30, 2020 released to the Nigerian Stock Exchange (NSE) at the weekend.

The bank’s Profit Before Tax (PBT) equally rose by 6 per cent as it moved up to N1.710 billion from N1.611 billion in 2019.

It recorded gross earnings of N33.906 billion for the review period, representing an eight per cent growth from N31.256 billion recorded in the corresponding period of Q3’19.

The bank’s total assets rose significantly to N420.870 billion in, from N293.052 billion in the corresponding period of 2019, representing a whopping 44 per cent growth.

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.

Unity Bank 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.

It is on record that the bank rolled out massive customer-centric products to the public especially in the retail space which accelerated the banking patronage during the period.

Commenting on the result, Unity Bank’s Managing Director/Chief Executive Officer, Mrs. Tomi Somefun welcomed the steady growth of the balance sheet especially from both assets and liability side of the business and across key performance indices.

She said that this has had sustained impact on the bottom-line, even as the Bank continues to innovate in its e-business product bouquet to target and support value chain business with robust technology and thus diversify its earnings base.’’

Looking ahead, Somefun stated: “One of the areas that will define our strategic direction going forward is investment in alternative channels leveraging further deployment of resources in technology. COVID-19 gave us a chance to test the integrity and scalability of our technology, the IT infrastructure, and the electronic banking channels, and provided us an opportunity to see where we needed to improve and strengthen, knowing that the future of sustainable banking business is in alternative channels.”