Nigerian lender, Unity Bank Plc has announced gross earnings of N36.18 billion for the nine-month period ended September 30, 2021, and a 23% growth of profit-after-tax totalling N1.94 billion for the same period.
A review of the unaudited results for the 3rd quarter of 2021 released to the Nigerian Exchange Group Limited showed that the bank’s gross earnings of N36.18 billion represents a moderate 7% growth from N33.9 billion recorded in the same period in 2020.
Also, with the strong performance recorded during the period under review buoyed by a 31% growth in its loan book to N265.32 billion from N202.08 billion recorded in 2020, the lender also grew its asset base by 17% to N574.56 billion from N492.02 billion recorded in December 2020.
The bank’s profit-before-tax for the period under review grew by 23% to N2.11 billion from N1.71 billion in the corresponding period in 2020.
This sterling performance comes amid fragile recovery and volatilities in the operating environment and key macroeconomic indicators following the global Covid-19 pandemic, weak market sentiments and inflationary trends, as well as tough regulatory headwinds that have impacted severely on economic activities.
The lender also substantially grew its net interest income to N14.63 billion from N12.67 billion in the same period in 2020; creating a 15% uptick from the value of the bank’s rising loan portfolio and an improvement in its transaction banking activities with its customers, achieved through excellent service delivery.
The lender’s fees and commissions averaged 16% to report an increase of N4.56 billion from N3.92 billion within the period under review, attributable to the bank’s strategic retail play which has boosted transaction volume.
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