…declares N550m PBT in Q1 2020

Unity Bank Plc, has declared gross earnings of N44.59 billion for 2019 financial year, continuing a path to strong growth started in 2018 financial year, after the bank took bold corporate action to clean up its balance sheet in 2017.

The bank has also posted profit before tax (PBT)  of N550m in its Q1, 2020 result released alongside with the 2019 Financial Year result to the Nigerian Stock Exchange (NSE) on yesterday.

A review of the bank’s Q1 2020 result showed that Profit After Tax (PAT) rose by  nine percent  to N506.07 million from  N464.87 million  in the same quarter in 2019.

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The audited 2019 full year result showed that the bank recorded a Profit Before Tax (PBT) of N3.64 billion, while Profit After Tax (PAT) closed at N3.38 billion, thereby consolidating on the gains of the reforms instituted by the bank to grow a healthy balance sheet since the past two years.

A review of the bank’s performance shows a relatively strong growth across key financial metrics such as the Net Operating Income for the year ended December 2019 which rose by 76.39 percent to N23.211 billion from N13.159 billion in the corresponding period of 2018.

Net Interest Income also posted strong growth as it grew by 18.06 percent to N16.493 billion from N13.970 billion the previous year. This is even as the Bank’s Total Asset saw a 71.93 percent increase to close at N293.052 billion from N210.80 billion in the corresponding period of 2018.

The bank also recorded a total comprehensive income of N5.52 billion while Earnings Per Share stood at 28.94 Kobo.