Unity Bank Posts N12bn Profit in 9 Months

Unity Bank Plc said its pre-tax profit for the first nine months of 2014 increased significantly by 900 per cent to N12 billion, from N1.20 billion in the corresponding period last year.

The bank’s profit after tax also rose by 825 per cent to N11.1 billion as at the period under review, compared to the N1.2 billion it stood last year.

Its revenue also climbed by 5.9 per cent to N48.1 billion, from N45.4 billion last year, according to the results made available to the Nigerian Stock Exchange.
Similarly, Unity Bank’s interest income also increased by 2.9 per cent to N38.8 billion in the first nine period of 2014, as against the N37.7 billion recorded in the comparable period of 2013, while net interest income also advanced by 23.6 per cent to N25.7 billion as at September this year, from N20.8 billion last year.

Unity Bank Plc recently had a rights issue  to raise funds for its expansion as well as to shore up its capital adequacy in compliance with the Central Bank of Nigeria (CBN) directive on capital adequacy for banks in Nigeria based on the new prudential guideline.

“The bank’s capital raise will improve the debt/equity mix, increase internal capacities for large ticket transactions, improve its information technology and expand its branch network,” it had stated.

Its Managing Director, Mr. Henry James Semenitari had said his management would ensure that the future of the bank is solid stressing that shareholders will soon begin to enjoy the reward of their long wait for profitability.

Culled from thisdaylive.com