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Unity Bank 2011 Earnings, Profits Take a Big Hit, Down 80%

By on April 16, 2012

Unity Bank released its audited financial statements at the tail end of the previous week. According to the figures, revenue nose-dived 26.7% in 2011 at N 47.5 billion from N 64.8 billion in 2010.

To its credit the company did grow other sources of income by 26%.

Profit before tax was down 76% to N 3 billion from N 13.4 billion in 2010.

Expectedly net income also decreased, down 80% to N 2.4 billion from N 12.4 billion in the previous year.

The bank increased its treasury bill holdings by 53% to N 31 billion from N 20.7 billion in 2010.

Its credit growth was flat as loans and advances were down marginally by 0.3% to N113.6 billion from N 113.9 billion.

The company has not proposed any corporate actions.