Unity Bank Plc, Nigeria’s Tier-2 lender and one of the nation’s banks with the regional origin and national spread, has recently released its half-year 2020 financial results to the public. The bank was able to grow both its top and bottom lines with impressive margins as seen in the financial statements released to the Nigerian Stock Exchange (NSE).
Unity Bank provides Banking and other financial services to corporate and individual customers. Such services include but not limited to granting loans and advances, corporate Banking, Retail Banking, consumer and trade finance, international banking, cash management, electronic banking services, and money market activities.
The results revealed a 7 percent Year-on-Year (YonY) growth in Profit After Tax (PAT) to N1.03 billion from N0.97 billion in half-year 2019. The Pre Tax Profit grew by the same margin.
Analysis of the result revealed that the growth in the half-year 2020 profit of the bank was induced by a double-digit increase in both Interest Income and Non-Interest Income. The Income lines were boosted by a 26 percent increase in Earning Assets as well as a 19 percent growth in Deposit from Customers.
Here are the other highlights of the H1 2020 results published by Unity Bank Plc
- Gross earnings up 11% Year-on-Year (YonY) to N22.87 billion from N20.55 billion.
- The net-interest income of N9.06 billion, up 22% YonY, Jun 2019: N7.41billion
- Non-Interest Income up by 14% to N12.14 billion YonY from N10.69 billion
- The net Impairment charge for credit losses of N0.31 billion, down 36% YonY, Jun 2019: N0.49 billion
- Profit Before Tax up 7% YonY to N1.12 billion from N1.05 billion
- Profit After Tax for the period up 7% YonY also to N1.03billion from N0.97billion
Statement of Financial Position of Unity Bank H1 2020
- Total Assets up 52% year to date (YTD) to N445.95 billion from N296.05 billion
- Loans and Advances to customers up 26% YTD to N131.48 billion from N104.02 billion
- Deposits from customers up 17% YTD to N306.47 billion from N257.69 billion