Unity Bank posts N23.6bn gross earnings in H1

Bank Plc has announced gross earnings of N23.6 billion for the six months ended June 30, representing an increase of four cent.

The bank said this in unaudited financials submitted to the Nigerian Exchange Limited on Friday.

The gross earnings was higher compared with the N22.8 billion posted in the comparative period of 2020.

The bank grew bottom-line by 34 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 the trajectory in assets as total assets for the period rose by 11 cent to N547.37 billion from N492.02 billion as of Dec. 31, 2020.

Other highlights of the financial statement include a 21 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 nine cent increase from the N9.06 billion recorded in the corresponding period of 2020.

Commenting on the result, the Director, Bank Plc, Mrs 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 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.

She said the bank would be looking to strengthen balance sheet from the liability side as it continued to grow brand franchise in many areas of the retail market by promoting and leveraging agriculture value chain businesses. (NAN)