Unity Bank makes ₦22.8B as Union Bank gains ₦11.3bn

Unity Bank, also known as Unity Bank plc, one of Nigeria’s commercial banks has said its gross earnings grew by 11 per cent to N22.8bn in the first half of this year from N20.55bn in the same period of 2019.

This was contained in the bank’s unaudited financial statements submitted to the Nigerian Stock Exchange.

The bank’s profit before tax grew by seven per cent from to N1.12bn in the period under review from N1.05bn in H1 2019. Its profit after tax also rose by seven per cent to N1.03bn from N967.51m. Its interest earnings grew by 15 per cent to N19.79bn within the period, from N17.27bn in the corresponding period in 2019, while its total operating income grew by 14 per cent to N12.14bn from N10.69bn.

The Managing Director/Chief Executive Officer, Unity Bank Plc, Mrs Tomi Somefun, said, “Despite the inclement economic conditions occasioned by the global pandemic, which almost paused or at best put activities at a slower pace in virtually all sectors of the economy, the bank has been able to ride the waves to maintain its growth trajectory looking at the key performance indicators.

Meanwhile, Union Bank Plc has reported a profit before tax of N11.3bn for the half-year ended June 30, 2020 as against N11.2bn posted in H1 2019. Gross earnings were up 10 per cent to N79.9bn from N72.4bn in H1 2019, driven by an increase in earning assets. Interest income was up six per cent to N57.2bn from N53.8bn in H1 2019, also driven by an increase in earning assets.

Net interest income before impairment grew by 21 per cent to N28.0bn from N23.2bn in H1 2019, driven largely by a reduction in interest expense. Commenting on the results, Chief Executive Officer, Union Bank, Emeka Emuwa, said, “The impact of COVID-19 and associated movement restrictions on the bank and the wider economy has been broad.

“The total lockdown of major commercial centres in Lagos, Abuja and Ogun and partial lockdowns across the country, slowed business operations in Q2 2020.

“Notwithstanding these significant headwinds, the bank delivered a 10 per cent increase in its top-line revenue of N79.9bn for H1 2020. In addition, net interest income before impairments is up 21 per cent to N28.0bn and non-interest income up 22 per cent to N22.7bn.”