Unity Bank Posts NGN2.3 Billion Profit For 2016 HY1

Unity

Unity Bank PLC, a tier 2 bank offering commercial and retail banking in Nigeria has reported that it made a net profit of NGN2,35 billion in the first half of the year.

Last year, the company’s net loss was NGN7.8 billion, the latest date shows that it has reduced profit fell by 64%. It is suprising to see that Unity Bank’s income from fees declined from NGN4.6billion last year to NGN804 million this year. The bank might have lost a considerable numbers of custmers.

The Unity Bank’s net profit for the year fell by 70.2% to NGN2,3 billion, this is a considerable fall when compared to last year’s profit of NGN7,8 billion.

To esure the bank continues operation, Unity Bank said  “Bank is negotiating with potential investors for investment in its equity to address the Bank’s negative capitalisation. Management is optimistic that negotiations shall be successful”.

According to its filings, 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.

 

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