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Unity Bank targets N4.96bn gross earnings in Q4

Unity Bank Plc has said it is targeting to realise N4.98bn gross earnings for the fourth quarter of 2020.

The lender, in its Q4 earning forecast obtained from the Nigerian Stock Exchange, also said it was targeting to achieve N3.36bn in interest income.

However, it projected a pretax loss of N1.66bn and loss after tax of N1.80bn for the stipulated period.

Unity Bank recorded 11 per cent growth in its earnings to N22.8bn in the first six months of 2020 from N20.55bn in the corresponding period of 2019.

The bank disclosed this in its unaudited financials submitted to the NSE, which also showed that profit before tax grew by seven per cent to N1.12bn in H1 2020 from N1.05bn in H1 2019.

Its profit after tax rose by seven per cent to N1.03bn from N967.51m in the corresponding period of 2019.

The half-year results showed that the lender recorded gross earnings of N11.01bn, a five per cent growth from the N10.50bn recorded for the same period in 2019.

It also showed a huge boost in asset, which saw a 48 per cent growth to N445.95bn from N293.05bn in the same period in 2019.

The bank’s loan book rose by 53.7 per cent to N131.48bn from N70.62bn in Q2 2019.

A further review of the H1 financial statement showed that the lender grew its deposit by 19 per cent to N306.47bn from N257.69bn as at December 2019.

Commenting on the result, the Managing Director/Chief Executive Officer, Unity Bank Plc, Mrs Tomi Somefun, said, “Despite the inclement economic conditions occasioned by the global pandemic, which almost paused or at best put activities at a slower pace in virtually all sectors of the economy, the bank has been able to ride the waves to maintain its growth trajectory looking at the key performance indicators.

“The assessment, therefore, is that the repositioning efforts which have taken root before the headwinds are equally able to withstand shocks.”


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