By Peter OBIORA InvestAdvocate

Lagos (INVESTADVOCATE)-Unity Bank Plc Thursday posted a dip in Profit After Tax (PAT) of 69.5% in its First Quarter (Q1) Report for the Period Ended March 31 2012.

From the Q1 Unaudited Result of the Bank released to the Nigerian Stock Exchange (NSE) and made available to www.investadvocateng.com in Lagos Nigeria, PAT in the review period was N1.960 billion compared to N6.416 billion in the Q1 of year 2011; indicating a dip of 69.5%.

Profit Before Tax (PBT) also declined from N7.058 billion in Q1 of year 2011 compared to N2.306 billion in the review period of year 2012; showing a decline of 67.3%.

While Gross Income also slipped from N50.727 billion in the Q1 of year 2011 compared to N12.693 billion in the Q1 of year 2012; representing a slip in Gross Income of Unity Bank by 75.0%.

On the part of Trans-Nationwide Express Plc (TRANEX), the Company posted a PAT of N11.503 million compared to N8.725 million in its First Quarter (Q1) Report for the Period Ended March 2012;showing an increase of 31.8%.

PBT also grew by 33.7% in the Q1 2012 review period as TRANEX declared N13.003 million compared to N9.725 million in the same period of year 2011.

While Revenue also increased from N126.014 million in Q1 of 2011 compared to N152.581 million in the review period of 2012; indicating an increase of 21.1%.