Unity Bank’s annual profit drops by 38.17%

Unity Bank Plc has reported a profit after tax of N2.09 billion for the financial year 2020, compared to N3.38 billion a year earlier.

The lender’s profit before tax fell to N2.22 billion last year from N3.64 billion in 2019, according to its audited financial statements released on Monday.

Deposits from customers increased to N356.62 billion in 2020 from N257.69 billion in the previous year while loans and advances to customers grew to N202.08 billion from N104.02 billion.

The bank did not declare any dividend during the year ended Dec. 31, 2020.