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Unity Bank grows assets to N492bn

A review of Unity Bank Plc audited results for full-year ended 31 December 2020, released to the Nigerian Stock Exchange, shows that the bank grew…

A review of Unity Bank Plc audited results for full-year ended 31 December 2020, released to the Nigerian Stock Exchange, shows that the bank grew its assets base to N492.02 billion representing an increase of 67.90 percent from N293.05bn total assets recorded in 2019.

The agric-focused lender also declared gross earnings of N42.71bn within the period under review.

The bank improved its bottom line marginally as Profit After Tax (PAT) stood at N2.09bn while Profit Before Tax, PBT closed at N2.22bn.

The lender substantially grew its customers’ deposit portfolio to N356.62bn, up from N257.69bn in 2019, representing a 38.4% growth.

Another major highlight of the audited financial statement related to growth in its net operating income which rose to N25.46bn from N23.21bn in 2019, representing a 9.71% increase.

The net interest income recorded a significant jump, as it rose by 7.60% to N17.75bn from N16.49 bn 2019. Earnings per Share closed at 17.85 Kobo.

The bank’s gross loans portfolio increased by 92.9% to N206.2bn from N106.9bn in 2019.

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

 

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