Unity Bank Plc has reported that it made N23.6 billion during the first six months of 2021 from January to June 30. This was contained in the bank’s unaudited financial report submitted to the Nigerian Exchange Limited on Friday.
This marked a 4 per cent increase when compared with the N22.8 billion posted in the comparative period of 2020. The bank grew its bottom-line by 34 per cent as profit before tax closed at N1.50 billion from N1.12 billion in 2020. Similarly, the profit after tax stood at N1.38 billion against N1.03 billion recorded in the corresponding period of 2020. The lender also sustained growth in its assets as total assets for the period rose by 11 per cent to N547.37 billion from N492.02 billion as of Dec. 31, 2020. Other highlights of the financial statement include a 21 per cent increase in fee and commission income to N3.07 billion from N2.54 billion in the corresponding period of 2020. Net interest income stood at N9.87 billion, representing a 9 per cent increase from the N9.06 billion recorded in the corresponding period of 2020. Commenting on the result, the Managing Director, Unity Bank Plc, Tomi Somefun, said the performance was encouraging in spite of the economic challenges.
Somefun said the double-digit growth recorded in both earnings and profits was the result of a portfolio plan, which the bank embarked on at the beginning of the year to diversify its portfolio. She added that the bank pursued asset creation in petrochemical downstream, consumer, healthcare and general commerce, with agribusiness providing the bulwark for identified business and brand benefits.