Stories by Babajide Okeowo
It was a mixed result as FBN Holdings and Unity Bank Plc released their half year 2019 results. Unity Bank Plc, in its recently released half year report recorded an increase to N1bn from N535.7 in its Profit before Tax result indicating a 96% increase.
The bank’s total revenue for the period increased by 17% to N20.5 billion, up from N17.5 billion during the comparable period in 2018. Profit Before Tax also increased by 96% to N1 billion compared to N535.7 billion in half-year 2018.
Similarly, Profit after Tax improved by 96%, standing at N967.5 million compared to N492.9 million in H1 2018.
Meanwhile, earnings per share stood at 16.55 kobo compared to 8.43 kobo in H1 2018.
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On the other hand, FBN Holdings Plc, in its half-year 2019 interim financial results showed a slight 5.5% drop in profit for the period under review.
The Group’s total revenue declined slightly from N225.4 billion in Q2 2018 to N221.8 billion in Q2 2019, marking a 1.6% decline. Meanwhile, the cost of operation remained almost the same quarter on quarter, having reduced by a mere 0.9% to N75 billion.
Profit before Tax stood at N39.9 billion for the period under review, having increased slightly from N38.9 billion in Q2 2018; indicating a 2.6% rise.
However, the bank’s profit after tax for Q2 2019 stood at N31.6 billion. This is a 5.5% decrease compared to N33.5 billion in Q2 2018.
Also, earnings Per Share stood at N0.84 in Q2 2019 as against N0.91 in Q2 2018.
