Unity Bank's profit soars by 8.3%

By The Citizen
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Unity Bank Plc has reported a profit after tax of N2.1bn in its results for the first quarter ended March 30, 2013.

This amount represents an increase of 8.3 per cent compared to N1.9bn recorded in the similar period of 2012.

Its results released to the Nigerian Stock Exchange on Monday showed that the bank's gross profit also increased by 15.9 per cent from N12.6bn in March 2012, to N14.6 per cent in the period under consideration.

The bank's net operating income also rose by 7.2 per cent to 9.8bn up from N9.1bn recorded a year earlier.

Meanwhile, trading activities on the NSE closed positive on the first trading day of the week, with major indicators rising marginally.

The market capitalisation of the listed equities gained N31bn or 0.3 per cent to close at N10.577tn, up from N10.546tn recorded last Friday.

Similarly, the NSE All-Share Index gained 0.3 per cent or 96.08 basis points to 33,090.05 points, up from 32,993.97 points recorded on Friday.

According to the report, the NSE-30 Index rose by 0.4 per cent or 5.56 basis points from 1,574.85 points to 1,580.41 points. The NSE Banking Index rose by the highest margin of 2.03 per cent or 7.22 basis points to 387.16 points from 379.44 points recorded at the end of last week.

The Consumer Goods Index and the Oil and Gas Index, however, fell by 0.4 per cent and 1.6 per cent to close at 964.83 points and 194.51 points, respectively.

John Holt Plc led 29 other stocks on the price gainers' chart, rising by 10 per cent or N15 kobo to close at N1.65 per share

Learn Africa Plc followed, rising by 9.9 per cent or 15 kobo to close at N1.67 per share.

Wema Bank Plc and Paints and Coatings Manufacturing Nigeria Plc also rose by 9.6 per cent each to close at N1.36 and N1.60 per share in that order; while Aiico Insurance Plc and Japaul Oil and Maritime Services Plc gained 8.4 per cent and 8.3 per cent to close at 90 kobo and 65 kobo per share, respectively.

On the other hand, MRS Oil Nigeria Plc lost the highest price for the day, shedding 10 per cent or N2.24 to close at N20.16 per share.