Unity Bank PLC Reports 63.2% Drop In Q3 Net Profit

Nigerian Enamelware

Amidst fears of running  out of cash to run the bank, Unity Bank PLC said its net profit for the third quarter  of 2016 fell by 63.2%.

Last year, the bank recorded NGN9,3 billion in net profit, this year, net profit for the third quarter of th year fell to NGN3,4 billion.

Gross income for the third quarter fell to NGN35,1 billion compared to NGN49,2 billion. Interest and similar income  for the period fell to NGN21,1 billion versus NGN35,1 billion recorded last year.

Unity Bank PLC said its interest and similar expenses was cut down to NGN11,5 bilion. Last year, NGN14,3 billion was its expenditure on the same item.

Fees and income for the period fell to NGN1,3 billion versus NGN7,1 billion.

More details shortly…

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