Unity Bank Plc, Nigeria’s 8th largest bank by business locations, is a leading retail banks with over 200 business offices spread across the 36 States and Federal Capital Territory
Driven by its vision to be the retail bank of choice for all Nigerians grew it quarter 1 profit by 4 percent. An interesting performance when compared with the bank’s result in previous years.
Unity Bank Plc quarter 1, 2019 report revealed that the bank had significant growth (38 percent) in its Loan to customer which should ordinarily result in an equivalent growth in Net Interest Income (NII), but a negative growth of 16 percent in NII may have been a result of huge cost incurred on deposit mobilized during the period .
Detail of Unity Bank Plc Q1 results is as follows:
• Net Interest income dropped by 16.2 percent to N3.6 billion in Q1, 2019 from a reported Q1, 2018 profit of N4.3 billion.
• Net Fee and Commission income grew by 9.7 percent from N352 million in Q1, 2018 to N386 million recorded in Q1, 2019.
• Profit Before Tax also increased by 4.1 percent to N505 million from N485 million in Q1, 2018
• After Tax Profit also rose from N447 million in Q1, 2018 to N464 million in Q1, 2019 representing a 4 percent growth.
Unity Bank Plc grew its Asset Base Q on Q to N269 billion in March 2019 from N236 billion in December 2018, representing 13.8 percent rise. Customer Deposit also increased to N253 billion in Q1, 2019 from N242 billion in FY 2018 end, an increase of 4.4 percent
Loan to customer for Unity Bank grew unlike most other banks that have released their Q1 results, from N44 billion in Q4, 2018 to N60 billion as at end of March 2019. Likewise, Shareholders Funds however dropped by 0.4 percent to N243 billion when compared to N244 billion in December 2018.