Unity Bank Records N23b Gross Earnings in H1 2021, Grows 34% Pre-tax Profit

Nigeria’s retail lender, Unity Bank Plc has declared half-year result posting gross earnings of 23.6 billion Naira, which is a 3% increase compared with the corresponding period of 2020.

A review of the unaudited half year result (H1’2021) released to the Nigerian Stock Exchange, the Agric-focused lender showed notable improvement across key financial matrices.

The Bank grew bottom-line by 34% as Profit before Tax (PBT) moved up significantly in positive territory to close at N1.50 billion from N1.12 billion recorded in H2 2020.

Similarly, the Profit After Tax, PAT closed at N1.38 billion within the period under review from N1.03 billion recorded in the corresponding period of 2020, a sign of a stronger recovery in the overall economy and the Bank’s key focus market segment after a disruptive pandemic year.

A major highlight of the result is the growth in the Bank’s loan book, which saw a 22% increase to N246.90 billion within the period compared to N202.08 billion recorded in H2 2020.