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Bank grossed N33.9bn, grew assets by 44% in 9 months

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Unity Bank Plc has declared gross earnings of N33.9 billion for the nine months ending September 30, 2020. The bank also recorded a 44 per cent growth in its assets in the period.

A review of the unaudited Q3/2020 results released to the Nigerian Stock Exchange showed that the gross earnings of N33.9 billion represent an eight per cent growth from N31.256 billion recorded in the same period in 2019.

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The lender’s total assets rose significantly to N420.870 billion in the nine months, up from N293.052 billion in the corresponding period last year, representing a growth of 44 per cent.

Its bottom-line also grew by six 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 six per cent to hit N1.573 billion compared to the N1.482 billion recorded in the same period in 2019.

The lender also substantially grew its customers’ deposit portfolio to N332.362 billion from N257.691 billion recorded in the same period in the previous year.

Managing Director, Mrs. Tomi Somefun, said the bank would continue to innovate in its e-business product bouquet to target and support value chain business with robust technology, thus diversifying its earnings base.

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