Unity Bank Emerges from Losses to Declare N3.38bn Profit After Tax for 2019

Unity Bank Reports N3.38 Billion Profit After Tax for 2019

Unity Bank Plc grew earnings from N34.65 billion in 2018 to N44.59 billion for the financial year ended December 31, 2019.

In the audited financial statement released on the Nigerian Stock Exchange, the lender grew profit before tax to N3.64 billion, while profit after tax expanded to N3.38 billion from N7.695 billion decline recorded in 2018.

The bank’s net operating income rose 76.39 percent from N13.159 billion in the corresponding period of 2018 to N23.211 billion. Also, net interest income surged by 18.06 percent to N16.493 billion, up from N13.970 billion filed in the preceding year.

Accordingly, the bank’s total asset grew by 71.93 percent to N293.052 billion from N210.80 billion in 2018.

Unity bank grew loan books by 125.87 percent from N44.10 billion in 2018 to N104.02 billion in 2019.

Speaking on the positive performance, Mrs. Tomi Somefun, the Managing Director/Chief Executive Officer of Unity Bank, said, “the potential in many aspects of the business as reflected in growing balance sheet of the bank is indicative of market confidence in our repositioning efforts.”

“It is also noteworthy that playing in the agriculture sector as part of growth strategy and as bulwarks to drive value chain businesses in many segments of the retail market has continued to pay off.

“Looking ahead, we shall consolidate on the gains in the agribusiness, capitalising on the growing profile in the sector, whilst also focusing on the youth market with increased investment in technology,” she further stated.

According to the Director, “the quest to deepen our retail play will go hand in hand with our focus on digital innovations. Already, we have deployed USSD banking, carried out augmentation of the platform to introduce local languages and further drive financial inclusion and had also launched omni-channel to cater for all segments of the banking public, especially the under-banked. “In the coming years, the Bank will be opening more channels and bundled products bouquet for identified cluster initiatives and also leverage and expand relationships with other partners to drive more growth in earnings and profits.”