Unity Bank posts 43% increase in quarterly profit
Unity Bank Plc has reported a profit after tax of N721.5 million for the quarter ended Mar. 31, 2021, up 43 percent from the N506.1 million recorded in the same period of 2020.
Its unaudited results submitted to the Nigerian Stock Exchange showed that the retail lender’s profit before tax also grew by 43 percent to N784.3 million in the first quarter of 2021 from N550.1 million recorded in the corresponding period of 2020.
The bank’s net interest income rose to N4.80 billion from N4.13 billion while net fee and commission income fell to N1.60 billion from N1.86 billion.
Deposits from customers declined to N348.35 billion as of Mar. 31, 2021 from N356.62 billion at the end of December, while loans and advances to customers rose to N223.22 billion from N202.08 billion.
The Managing Director/Chief Executive Officer, Unity Bank, Mrs Tomi Somefun, in a statement, described the result as a promising indication of better outcome for the year.
She said it profoundly reflecting the bank’s renewed focus on driving efficiency and productivity anchored on targeted initiatives to grow both volume and quality of assets and offer a wide range of customer-centric products supported by novel technologies to its teeming and growing customers in all the six-geopolitical zones in Nigeria.
She said, “We are targeting opportunities across regions and identified segments in retail and SMEs whilst optimising our technology and digital platforms such as Omni-channel UniFi, USSD *7799# to deliver bundled product bouquet, operational efficiency and improved unparalleled customer service delivery. Like the multi-language service channels, customers are to expect more innovations as the year unfolds.
“The bank will consolidate on the gains it has made on its asset growth and further build the franchise of the brand in many areas of the business to shake off any lethargy to galvanise efficiency across its earning assets, thereby diversifying its earnings base to further grow the bottom-line.”
