Unity Bank grows gross earnings by 8% to N33.9bn in Q3’20//Good news

 

Unity Bank grows gross earnings by 8% to N33.9bn in Q3’20

By Peter Egwuatu Unity Bank Plc has recorded a gross earnings of N33.906 billion for the third quarter, Q3’20, representing an eight per cent growth from N31.256 billion recorded in the corresponding period of Q3’19. A review of the unaudited results released to the Nigerian Stock Exchange, NSE showed that the bank’s asset grew by 44 per cent during period under review.

The lender’s 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 a whopping 44 per cent growth.

This is even as the bank grew its bottom-line by 6 per cent as Profit Before Tax, PBT moved up to close at N1.710 billion from N1.611 billion in 2019. Profit After Tax, PAT equally grew by 6 cent to N1.573 billion compared to the N1.482 billion recorded in the same period in 2019. Specifically, in the Q3’20 the lender declared a N590 million Profit Before Tax, PBT, representing another 6 per cent increase from the N559.381 million recorded in the corresponding quarter of 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. 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.

 

The bank, 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. 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.”

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