Unity Bank’s balance sheet grows to N235.9b

Unity Bank Plc has grown its balance sheet by 50.8 per cent from N156.51 billion in 2017 to N235.98 billion last year.

The audited financial statements presented to the Nigerian Stock Exchange (NSE) also showed gross earnings of N37.33 billion in the period under review.

Similarly, Profit Before Tax (PBT) moved in a positive trajectory to close at N1.41 billion, with the lender recording a Profit After Tax (PAT) of N1.27 billion, shaking off the negative position it posted the previous year.

The bank’s performance was supported by some fundamentals derived from corporate action to clean up its books by eliminating all the legacy non-performing loans, which resulted to full de-risking of balance sheet, enabling a new lease of life.

Other performance indices showed significant growth across key financial metrics, with net operating income for the year ended December 31, 2018 growing by 112 per cent to N21.63 billion from N10.22 billion in the corresponding period of 2017.

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Non-Interest Income also increased to N6.3 billion from N1.61 billion recorded in 2017, as earnings per share for last year stood at 13.03 kobo, up from -127 kobo recorded in 2017.

The bank’s Managing Director/Chief Executive Officer, Mrs. Tomi Somefun, said: “The most gratifying aspect of our 2018 performance is that the bank has made a dramatic turnaround from losses in the previous year to a promising profit position in 2018.

“This was made possible by growth in the business throughputs and transaction-based banking with its attendant strong non-interest income.

“We equally recorded significant growth in our customer acquisition through enhanced customer-centric products that we rolled out during the year, riding on our rebranded channels and platforms, which were well accepted by the youth.

“We leveraged our exceptional competencies in agribusiness and rural economy niche market, which contributed to substantial growth in loans through on-lending schemes to farmers in the last quarter of 2018, all of which buoyed our performance for the year under review”.

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She explained that the strong performance feat came through composite strategic focus, involving the  revamp of its service delivery channels, products revamp and profiling, as well as building structured and secured operating environment to protect customers’ businesses.

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