Unity Bank Plc, one of Nigeria’s leading retail banks with 213 business offices across all States and Federal Capital Territory. The bank is Nigeria’s 8th largest bank by business locations and one of the two remaining Nigerian lender with regional back ground.
Unity Bank recently released its 6 months ended 30th June 2022 financial result to the public. The result shows a 23 percent growth if profit for the period to N1.70 billion from N1.38 billion in the same period in 2021.
The Bank however reported a negative Retained Earning of N370 billion, although down by 0.45 percent from N372 billion reported the same period the previous year, it is still an indication that the bank is yet to fully recover from the losses it has experience in the previous years. and as a result, the Shareholder Equity remains in negative at N274 billion down from N276 billion same period the previous year.
Other Highlights of the Unity Bank Half Year 2022 Result
- Gross Income up by 17 percent to N27.6 billion from N23.6 billion
- Non Interest Income up by 4 percent to N10.3 billion from N9.9 billion
- Net Fee and Commission Income also up by 4 percent to N3.2 billion from N3.1 billion
- Net Trading Income however remains negative but reduced by 84 percent
- Other Operating income was also up by 6 percent to N0.5 billion
- Credit Loss Expense was however up by 56 percent to N1.1 billion
- Net Operating Income ended with a growth of 8 percent to N15.1 billion
- Total Operating Expenses also up by 7 percent from N12.4 billion to N13.2 billion
- Profit Before Tax grew by 23 percent to N1.9 billion from N1.5 billion same period previous year.
The Bank’s Balance Sheet as seen in the report also has considerable positive growth as Total Asset was up. by 7% to N574.3 billion from N538.9 billion in the same period in 2021; Loans and Advances to Customer also grew by 13 percent to close at N303.6 billion from N269.3 billion previous year; Customer’s Deposit also increased by 12 percent to close at N359.5 billion from N322.3 billion in the half year of 2021.
The Bank’s Total Liability now stands at N848.4 billion with a growth of 4 percent from the previous half year position of N815 billion, with negative Shareholder’s Equity and negative Retained Earning.