Unity Bank’s profit was boosted by income components such as net fee and commission income and net trading income.
Unity Bank introduces USSD code in Yoruba, Hausa and Igbo languages
Unity Bank Plc has posted a gross earning of N11.04 billion in Q3 2020 -3% increase, according to its latest financials.
Some key highlights of the Q3 2020 financials of the bank are;
Profit After Tax increased to N543.14 million, +6% Y-o-Y.
Pre-tax profit increased to N590.4 million, +6% Y-o-Y.
Total operating income increased to N5.8 billion, +4% Y-o-Y.
Net interest income declined to N3.6 billion, -3% Y-o-Y
Total operating expenses increased to N5.3 billion, +10% Y-o-Y
Personnel expenses increased to N2.62 billion, +9% Y-o-Y.
Between December 2019 and September 2020, net loans and advances to customers increased to N131.85 billion, +27% Y-o-Y.
Total assets also grew to N420.9 billion, up by +44% in 2020 9M.
Cash and balances with the Central Bank of Nigeria, also increased to N98.8billion, up by +596%, 2020 9M.
Bottom Line
The increase in income components such as net fee and commission income and net trading income (which grew by 176%) boosted the profit of the firm within the period under view.
