HY Earnings: Unity Bank Profit Declines by N257.6m

By Dipo Olowookere

It is really not a good outcome for Unity Bank Plc in the first half of 2017 following a drop in its profit when compared with the corresponding period of last year.

In the financial statements released yesterday to the Nigerian Stock Exchange (NSE), the lender suffered a fall in its post-tax profit.

Specifically, the profit for the period depreciated by N257.6 million, closing at N2.1 billion on June 30, 2017, against N2.4 billion 12 months ago.

However, the bank’s gross income appreciated to N42.4 billion in the period under review from N39.5 billion last year.

Furthermore, the net interest income closed at N24.5 billion in the period under review from N25.3 billion a year ago, while profit before tax declined to N2.3 billion from N2.6 billion.

In addition, the financial institution’s total assets closed at N489.1 billion on June 30, 2017 in contrast to N492.7 billion it ended December 31, 2016.

Full financial statements here