Unity Bank posts 23% profit in H1’22
Nigeria’s agric lender, Unity Bank Plc posted impressive half-year financial results on Friday, with gross earnings rising 17 per cent to N27.6 billion.
Profit Before Tax (PBT) rose by 23% to N1.8 billion compared to N1.5 billion in H1’21. Profit After Tax (PAT) for the period equally rose by the same token, growing 23% to close at N1.6 billion from N1.382 billion in H1’21.
Interest and similar income rose 18% to N23.938 billion from N20.273 billion in the corresponding period of 2021, a sign that the lender has resumed active lending after cleaning up its loan book over the past five years. Its loan books rose to N303.632 billion from N269.270 billion in the comparative period, representing a 13% growth.
Earnings also came from its digital channels, on the back of sustained investment in its digital payment infrastructure.
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The lender also sustained momentum on asset growth, posting a 7% increase to N574.3 billion from N538.9 billion in the same period of 2021.
Deposits from customers rose by 12% to N359.5 billion from N322.3 billion in December 2021, a result of some mass-market retail products, such as Yanga, which the Bank rolled out recently.
“As the Bank aims to further grow all indices to double-digit regions in the coming years, one reassuring take from the financial position lies in the market confidence, as well as steadily growing retail and SME franchise arising from the development of products that resonate with different markets segments, which will enable the Bank to continue to operate and successfully navigate the tough operating environment, amid rising economic headwinds,” Managing Director, Mrs Tomi Somefun commented following the release of the result on Friday.