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Unity Bank grows asset base by 67.9% to N492bn

Unity Bank grows asset base by 67.9% to N492bn

MONEY MARKET

Unity Bank Plc has recorded 67 per cent growth in its total assets to N492.02billion in the year ended December 2020 from N293.05 billion in the corresponding period of 2019.

The agric-focused lender also declared Gross Earnings of N42.71 billion for the year ended December 2020 as well as Profit Before Tax, PBT of N2.22 billion and Profit After Tax, PAT of N2.09 billion.

The bank disclosed these in its audited results for full year ended 31 December 2020, released to the Nigerian Stock Exchange.

The significant growth in total assets was occasioned by 38 per cent growth in Customers Deposits as well as 92.2 per cent growth in Loans and Advances to Customers.

According to the bank, customers’ deposit rose to N356.62 billion, up from N257.69 billion in the corresponding period of 2019, affirming the positive market uptake of the bank’s product offerings, as well as its growing customer base.

The Bank’s gross loans portfolio increased to N206.2 billion in December 2020 from N106.9 billion in December 2019 reflecting the increased commitment of the Bank’s lending strategy to support the nation’s food agenda, and thus the added advantage of improving food security across the country, providing employment to thousands of youths and entrepreneurs, while contributing to the conservation of forex stocks.

Consequently, Net Operating income rose to N25.46 billion from N23.21 billion in the corresponding period of 2019, representing a 9.71% increase, driven by 7.6 per cent increase in Net Interest income, which rose  to N17.75 billion in 2020 from N16.49 billion in 2019.

Commenting on the result, Unity Bank’s Managing Director/Chief Executive Officer, Mrs. Tomi Somefun stated that the results showed the resilience of the bank during unprecedented times of uncertainties and our ability to innovate and focus on key balance sheet items that will enable us to maintain growth trajectory.

Looking ahead, Somefun stated: “we will latch on targeted strategies to deploy significant investment in technology in order to ride the waves of the COVID-19 pandemic. On the back of this, the Bank will increase its focus on achieving major efficiency gains, deepening its retail footprints and penetrating identified cluster market segments, as bulwarks to tapping into various youth markets platforms, in addition to the mass market”.
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