Summary
- Gross Earnings increased by 19.6% to N31.26bn from N26.13bn in Q3 2018
- Profit before Tax increased by 150.2% to N1.61bn from N644.00bn in Q3 2018
- Profit after Tax increased by 146.6% to 1.48bn from N601mln in Q3 2018
- Operating Expenses down by 10% from N15.4 billion to N13.9 billion in Q3 2019
Unity Bank Plc, Nigeria’s 8th largest bank by business locations, 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 the 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.
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 while the 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. Also, the total Equity was flat at N243.6 billion to N242.6 billion as at end of September 2019.
