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Tuesday, March 28, 2023

Unity Bank’s Profit Jumps on Recovery in Loss Expense

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Unity Bank Nigeria Plc has continued its recovery as third quarter net income rose by N360 million, largely driven by recoveries in loss expense.

Net income increased to N1.93 billion in September 2021 from N1.57 billion as at September 2020.

It generated enough from mobile banking as it continues to deploy the latest technologies in attracting young customers and those at the retail end of the market.

Fees and commission were up 16.62 percent to N4.56 billion in the period under review from N3.91 billion the previous year.

Despite the low yield environment caused by the central bank’s dovish stance, interest income on loans and advances were up 7.15 percent to N31.43 billion in September 2021 from N28.65 billion the previous year.

However, Unity Bank is still technically insolvent as its total liabilities of N855.20 billion as at September 2021 exceeds total assets of N574.56 billion, resulting in negative shareholders’ funds of N280.64 billion.

The bank has negative retained earnings of N370.78 billion, which means it has been recording recurring operating losses that hinders it from paying dividend to shareholders.

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