New Telegraph

Unity Bank sustains momentum, as Q1’21 profit jumps 43%

Unity Bank Plc has sustained the growth momentum demonstrated in its 2020 full year earnings as it recorded an impressive performance of 43 per cent in both profit before and after tax in Q1-2021.


In the bank’s unaudited Q1-2021 results submitted to the Nigerian Stock Exchange (NSE) on Friday, the retail lender’s profit before tax grew by 43 per cent to N784.3 million from N550.1 million recorded in the corresponding period of 2020.


The profit after tax for the period, which also grew by 43 per cent, stood at N721.5 million compared to the N506.1 million recorded in Q1-2020.


As an outcome of increased focus on supporting local enterprises and industry, the asset portfolio also showed a significant growth in loan book of 76 per cent as net loans and advances to customers increased to N223.2 billion up from N126.6 billion recorded in the corresponding period.


The total assets of the bank for the period showed an appreciable growth of 42 per cent to close at N521.5 billion from N366.8 billion in the corresponding period of 2020.


The balance sheet of the bank had been considerably de-risked with an NPL ratio of near zero per cent (0 per cent), which it had consistently maintained over time, thus making the bank to rank as one of the best in risk management and credit creation culture.


The bank recorded gross earnings of N11.5 billion, representing marginal decline of three per cent when compared to N11.9 billion posted in the corresponding period of 2020.


The remarkable positive growth in profit and other strong indicators recorded in Q1-2021 is a sign of the bank’s growing resilience as the economy continues on a recovery path following the impacts of COVID-19. Other key highlights of the Q1-2021 results included the cash and balances with the central bank, which recorded a whopping 326 per cent leap to close at N111.2 billion from N26.1 billion in the corresponding period of 2020.

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