The Nigerian Stock Exchange (NSE) has published the half-year (H1) results of Unity Bank plc.
The statement of profit or loss and other comprehensive income for the six months ended June 30, 2016 showed gross income declined to N21.775billion from N33.56billion in the corresponding H1’15 period.
Unity Bank plc also reported decline in net interest income of N7.555billion from N14.563billion.
The bank’s profit before tax declined to N2.614billion from H1’15 level of N8.774billion; while after tax profit for the H1’16 period in review stood at N2.353billion from N7.897billion in the corresponding H1’15. However, the bank’s basic Earnings Per Share rose to 20.13kobo from 12.28kobo in H1’15.
Listed on the Nigerian Stock Exchange, Unity Bank plc provides banking and other financial services to corporate and individual customers.
Such services include but not limited to granting of loans and advances, corporate banking, retail banking, consumer and trade finance, international banking, cash management, electronic banking services and money market activities.
The bank’s net fee and commission income as shown in the H1’16 results declined to N804.218million from N4.660billion in H1’15. Unity Bank plc also reported FX revaluation income decline to N56.223million, from N1.236billion.
Total operating income declined to N15.853billion from N24.759billion. Total operating expenses was also down to N13.108billion from N15.081billion in H1’15.
Iheanyi Nwachukwu
