We remain resilient with improved KPIs – Unity Bank
Unity Bank Plc has expressed commitment to remain on the growth path guided by the strategic focus of its management and meticulous decisions of its board.
The Bank said it has a cohesive board that is working harmoniously with the Executive Management team led by Mrs. Tomi Somefun, the managing director and chief executive officer (MD/CEO), to drive the growth of the Bank.
The management of the Bank, with the support of its Board has made inroads into key sectors of the economy through initiatives and programmes that have improved the fortunes of the Bank over the past five years, a statement said on Monday.
“Notable amongst these are sale of the Bank’s legacy non- performing legacy loans, the relocation of its corporate head office to Lagos (the commercial hub of Nigeria), deliberate focus on digital, retail and commercial business as well as supporting the growth of the real sector of the economy through its participation in the Central Bank Nigeria (CBN) intervention funds to promote agri-business in Nigeria,” the statement read.
It further noted that through the Central Bank of Nigeria’s (CBN’s) Anchor Borrowers’ Programme (APB), the Bank has enrolled over one million farmers over the last three years which has boosted the production of critical food items in Nigeria (Rice, Maize, Cotton and Wheat) as well as creating of various value-chain opportunities and employment within the Agric Sector.
Financial Performance
The Bank’s gross earnings for the nine months ended September 2020 grew by 8 per cent to 33.906 billion from N31.256 billion in the same period in 2019.
The lender’s Profit Before Tax (PBT) for the same period grew by 6 per cent to N1.710 billion from N1.611 billion in 2019, while Profit After Tax, PAT equally grew by 6 per cent to N1.573 billion compared to the N1.482 billion recorded in the same period in 2019.
Profit After Tax for the period stood at N543.135 million, an equally 6 per cent increase from the N514.631 billion recorded in Q3, 2019.
A further review of the result showed that the lender recorded an impressive 44 per cent rise in total assets to N420.870 billion for the nine-month period ended September 2020, from N293.052 billion in the corresponding period of 2019.
Record also shows that Unity Bank also substantially grew deposits to N332.362 billion from N257.691 billion for the same period in 2019 – a 29 per cent increase showing improved customers confidence in the Bank.
The Bank in its statement issued through Nigeria Stock Exchange (NSE) on Friday, April 09, 2021 submitted its 2021 audited report to the CBN and currently awaiting final approval by the regulators.
