Unity Bank Declares ₦1.57 Billion Profit After Tax for the First Nine Months of 2020

Unity Bank Plc delared ₦1.57 billion profit after tax for the first nine months of the year.

This was higher than the ₦1.48 billion filed in the same period of 2019, according to the review of the bank’s unaudited financial statements.

Profit before tax also expanded from ₦1.61 billion filed in the corresponding period of 2019 to ₦1.71 billion in 2020. While gross earnings rose by 8 percent from ₦31.26 billion achieved in 2019 to ₦33.91 billion in the period under review.

Despite COVID-19 and other challenges, Unity Bank recorded 44 percent increase in total assets from ₦293.05 billion posted in the corresponding period of 2019 to ₦420.87 billion in the period under review.

Similarly customer deposits grew from ₦257.69 billion attained in 2019 to ₦332.36 billion in the first nine months of 2020.

Speaking on the positive performance, the Managing Director and the Chief Executive Officer, Unity Bank Plc, Mrs. Tomi Somefun, said “even as the bank continues to innovate in its e-business product bouquet to target and support value chain business with robust technology and thus diversify its earnings base.”

She explained that “One of the areas that will define our strategic direction going forward is investment in alternative channels, leveraging further deployment of resources in technology.

“COVID-19 gave us a chance to test the integrity and scalability of our technology, the IT infrastructure, and the electronic banking channels, and provided us an opportunity to see where we needed to improve and strengthen, knowing that the future of sustainable banking business is in alternative channels.”