By Omodele Adigun
Unity Bank Plc has declared gross earnings of N36.18billion for the nine-month period which ended on September 30, 2021, and a 23 per cent growth of PAT totalling N1.94billion for the same period.
A review of the unaudited results for the 3rd Quarter of 2021 released to the Nigerian Exchange Group Limited showed that the bank’s gross earnings of N36.18billion represents a moderate seven per cent growth from N33.9 Billion recorded in the same period in 2020.
Also, with the strong performance recorded during the period under review buoyed by a 31 percent growth in its loan book to N265.32Billion from N202.08Billion recorded in 2020, the lender also grew its asset base by 17 percent to N574.56Billion from N492.02Billion recorded in December 2020.
The bank’s Profit Before Tax grew by 23 per cent to N2.11 billion from N1.71billion in the corresponding period in 2020.
This sterling performance comes amid fragile recovery and volatilities in the operating environment and key macroeconomic indicators following the global Covid-19 pandemic, weak market sentiments and inflationary trends, as well as tough regulatory headwinds that have impacted severely on economic activities.
The lender also substantially grew its net interest income to N14.63Billion from N12.67Billion in the same period in 2020; creating a 15 percent uptick from the value of the Bank’s rising loan portfolio and an improvement in its transaction banking activities with its customers, achieved through excellent service delivery.
The lender’s fees and commissions averaged 16 percent to report an increase of N4.56Billion from N3.92Billion within the period under review, attributable to a dividend of the Bank’s strategic retail play which has boosted transaction volume.
Commenting on the result, Unity Bank’s Managing Director/CEO, Mrs. Tomi Somefun, expressed satisfaction with the performance indices of the Q3/2021 financials. particularly inspiring are the growing loan book and quality of assets (31 per cent growth), cash and balances with the CBN (24 per cent growth) and PBT (23 per cent growth), altogether adding to the consecutive growth of the balance sheet in the last couple of years.
In her overall assessment, she stated that “the market is increasingly beginning to see the efforts in the strategic refocussing of our business and diversification of our earnings base which is translating into tangible results even as we strive to meet the expectations of our esteemed customers and cherished stakeholders.