Unity Bank Plc posts gross earnings of N11.04 billion in Q3 2020

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.