Unity Bank Plc, Nigeria’s 8th largest bank by business locations, a leading retail banks with over 200 business offices spread across the country. The bank driven by its vision to be the retail bank of choice for all Nigerians has recently released its 9 months 2019 results to the public. The result revealed a growth in Post-Tax Profit by 147%.
The bank announced a N1.48 billion Post-tax profit in Q3 2019 as opposed to N600 million declared in same period of 2018. A 26% growth in Fee and Commission Income, 12% growth in Net Interest Income and 10% reduction in Operating Expenses is seen to be responsible for the impressive growth of Unity Bank Q3 2019 results.
Here are the highlights of the Q3 2019 results released by Unity Bank Plc
- Gross Earning up by 20% from N26.1 billion to N31.3 billion in Q3 2019
- Net-interest income up by 12% from N9.9 billion to N11.1 billion in Q3 2019
- Net Fee and Commission Income up by 26% from N1.1 billion in Q3 2018 to N1.4 billion
- Net Trading Income down by 64% from N1.2 billion to N426 million in Q3 2019
- Credit Loss Expense was N685 million compared to N514 million net recouped in Q3 2018.
- Operating Expenses down by 10% from N15.4 billion to N13.9 billion in Q3 2019
- Profit Before Tax up by 150% to N1.6 billion from N644 million in Q3 2018
- Post Tax Profit also up by 147% from N600 million to N1.5 billion in Q3 2019.
The Earning Per Share of Stanbic IBTC Bank also increased by 118% from 8 kobo in September 2018 to 18 kobo per share in September 2019.
The Balance Sheet size of Unity Bank Plc also shows impressive growth except for Equity that remains flat for the period
- Total Assets up by 27% from N236 billion in December 2018 to N300 billion in Q3 2019
- Customer deposits also up by 5% from N242 billion to N254 billion in Q3 2019.
- Customer loans and advances up by 103% from N43.7 billion in December 2018 to N88.8 billion in September 2019
- Total Equity was flat at N243.6 billion to N242.6 billion as at end of September 2019