Unity Bank Plc has declared gross earnings of N22.8 billion in the period between January and June 2020, continuing an impressive run it recorded in the 2019 financials when it posted N44.59 billion. According to the retail lender’s unaudited financials submitted to the Nigeria Stock Exchange, the half-year gross earnings rose 11 per cent to N22.87 billion from N20.55 billion in the corresponding period of 2019.
Profit before Tax (PBT) grew by seven per cent from N1.05 billion in half-year 2019 to N1.12 billion in the period under review. This is even as the Profit after Tax, PAT, equally rose by 7 per cent to N1.03 billion from N967.51 million in the corresponding period of 2019. The half year results showed that the lender recorded gross earnings of N11.01 billion, a 5 per cent growth from the N10.50 billion recorded for the same period in 2019.
Similarly, the lender’s interest earnings recorded a 15 per cent increase to N19.79 billion within the period, from N17.27 billion in the corresponding period in 2019, while its total operating income also grew by 14 per cent to N12.14 billion from N10.69 billion in the same period in 2019. Earnings per Share stood at 17.64 Kobo for the period ending 30June 2020.
The bank’s half-year report also showed a huge boost in asset, which saw a 48 per cent growth to N445.95 billion from N293.05 billion in the same period in 2019. This follows the growth of the Bank’s loan book which rose by 53.7 per cent to N131.48 billion from N70.62 billion in Q2, 2019.