May 4, 2021

Unity Bank records 43% growth in profits in Q1

Unity Bank

Unity Bank Plc has sustained the growth momentum demonstrated in its 2020 full year earnings as it recorded 43 per cent growth  in both profit before tax and profit after tax in the first quarter of the year (Q1’21).

In the bank’s unaudited first quarter 2021, Q1’21, results submitted to the Nigerian Stock Exchange last Friday, profit before tax grew by 43 per cent to N784.3 million from N550.1 million recorded in the corresponding period of 2020.

The profit after tax for the period which also grew by 43 per cent stood at N721.5 million compared to N506.1 million recorded in Q1’20.

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The total assets of the bank for the period went up by 42 per cent to close at N521.5 billion from N366.8 billion in the corresponding period of 2020.

The bank also grew its customer deposits by 13 per cent to N348.3 billion up from N308.8 billion recorded in the period under review.

Commenting on the result, the Managing Director/CEO, Unity Bank Plc, Mrs. Tomi Somefun said, “The first quarter result is a promising indication of better outcome for the year, 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.”