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Market Digest Nigeria

Business

Unity Bank Plc. records 14% increase in income

Unity Bank

Unity Bank has released their financial result for the first quarter ended 31 March, 2019. The Bank recorded a 14% increase in Gross income from N8, 794, 145 Million in 31 March, 2018 to N10, 049, 642 Million in 31 March, 2019.

The Net Interest income declined by -16% from N4, 323, 148 Million in 31 March, 2018 to N3, 622, 895 Million in 31 March, 2019.

The PBT increased by 4% from N485, 408 Million to 505,292 Million in 31 March, 2019. While PAT also increased by 4% from 446,575 Million to 464,868 Million in 31 March, 2019. However the bank has previously declared a PAT for the financial year ended 31 December 2018 of N1, 304, 652 Million.

The bank also increased Net loans and advances to customers from N43, 657, 372 Million to N60, 078,585 Million in 31 March, 2019. Meanwhile the net operating income reduced by -7% from 5,337,300 Million to N4, 984, 724 Million in 31 March, 2019.

 

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