Business
Unity Bank Posts N23.6bn Gross Earnings In H1
Unity Bank Plc has announced gross earnings of N23.6 billion for the six months ended June 30, representing an increase of four per cent.
The bank said this in its unaudited financials submitted to the Nigerian Exchange Limited on Friday.
The gross earnings was higher compared with the N22.8 billion posted in the comparative period of 2020.
The bank grew its bottom-line by 34 per cent as profit before tax closed at N1.50 billion from N1.12 billion in 2020.
Similarly, the profit after tax stood at N1.38 billion against N1.03 billion recorded in the corresponding period of 2020.
The lender also sustained growth the trajectory in its assets as total assets for the period rose by 11 per cent to N547.37 billion from N492.02 billion as of Dec. 31, 2020.
Other highlights of the financial statement include a 21 per cent increase in fee and commission income to N3.07 billion from N2.54 billion in the corresponding period of 2020.
Net interest income stood at N9.87 billion, representing nine per cent increase from the N9.06 billion recorded in the corresponding period of 2020.
Commenting on the result, the Managing Director, Unity Bank Plc, Mrs. Tomi Somefun, said the performance was encouraging in spite of the economic challenges.
Somefun said the double-digit growth recorded in both earnings and profits was the result of a portfolio plan, which the bank embarked on at the beginning of the year to diversify its portfolio.
She added that the bank pursued asset creation in petrochemical downstream, consumer, healthcare and general commerce, with agribusiness providing the bulwark for identified business and brand benefits.
She said the bank would be looking to strengthen its balance sheet from the liability side as it continued to grow its brand franchise in many areas of the retail market by promoting and leveraging its agriculture value chain businesses.
President Bola Tinubu has reaffirmed the Federal Government’s commitment to rehabilitating and repositioning Nigeria’s dormant national refineries, declaring that the facilities will not be allowed to become stranded assets.
Tinubu was represented by the Permanent Secretary of the Ministry of Petroleum Resources, Mrs Patience Oyekunle, at the 20th OTL Africa Downstream Energy Week in Lagos on Monday.
The President said the government is adopting a more rigorous and commercially sustainable approach to the rehabilitation of the Port Harcourt, Warri and Kaduna refineries.
“At the same time, the government remains committed to ensuring that existing national refining assets are not allowed to become stranded investments,” the statement said.
“We are pursuing a more rigorous, commercially sustainable approach to the rehabilitation and repositioning of our refineries, supported by technical assessment, stronger partnerships, and improved operational discipline.”
The objective, according to the administration, is for Nigeria to refine more of its crude oil, create greater domestic value and become a reliable supplier of energy to Africa.
The national refineries, managed by the Nigerian National Petroleum Company Limited (NNPC), have remained largely inactive for years despite significant spending on turnaround maintenance. The NNPC has signed a memorandum of understanding with Chinese firms as part of ongoing efforts to revive the facilities.
Tinubu also noted the contribution of private refining capacity, particularly the Dangote Refinery, which has reached its 650,000 barrels-per-day nameplate capacity, in strengthening Nigeria’s prospects of becoming a net exporter of refined petroleum products.
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