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Unity Bank Posts N33.9 Billion Gross Earnings In Nine Months; Grows Assets Base By 44% 

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Unity Bank Plc has declared gross earnings of N33.906 billion for the nine months’ period ended September 30, 2020 and also recorded a 44% asset growth during the period.

A review of the unaudited Q3/2020 results released to The Nigerian Stock Exchange showed that the gross earnings of N33.906billion represents a 8 per cent growth from N31.256 billion recorded in the same period in 2019. 

The lender’s total assets rose significantly to N420.870 billion in the 9-month period ended September 30, 2020, from N293.052 billion in the corresponding period of 2019, representing a whooping growth of 44% 

This is even as the Bank grew its bottom-line by 6% 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% to N1.573 billion compared to the N1.482 billion recorded in the same period in 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 

The lender 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 lender, 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. 


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