Unity Bank Plc has declared gross earnings of N44.59 billion for the 2019 financial year.
The bank has also posted Profit before Taxation of N550million in its first quarter 2020 result, released to the Nigerian Stock Exchange.
A review of the Bank’s Q1 2020 result showed that the lender recorded growth in Profit After Tax, by nine per cent, to N506.07 million, as against N464.87 reported in the same quarter of 2019.
The audited 2019 full year result showed that the Bank recorded a Profit Before Tax of N3.64 billion, while Profit After Tax closed at N3.38 billion, thereby consolidating on the gains of the reforms instituted by the Bank to grow a healthy balance sheet since the past two years.
A review of the Bank’s performance also shows a relatively strong growth across key financial metrics such as the Net Operating Income for the year ended December 2019, which rose by 76.39 per cent to N23.211 billion, from N13.159 billion in the corresponding period of 2018.
Net Interest Income also posted strong growth as it grew by 18.06 per cent to N16.493 billion, from N13.970 billion the previous year. This is even as the Bank’s Total Asset saw a 71.93 per cent increase to close at N293.052 billion, from N210.80 billion in the corresponding period of 2018.
The retail lender also recorded a total comprehensive income of N5.52 billion while Earnings per Share stood at 28.94 Kobo.
The result further showed that, having better positioned itself to advance credit to the economy through the cleaning up of its loan book in 2017, the Bank grew its loan books by 135.87 per cent to N104.02 billion in 2019, as against the N44.10billion closing figure of 2018.
The bank had embarked on several cost minimisation initiatives that have continued to yield positive results.
These measures led to a decrease in the bank’s Total Operating Expenses to N19.57 billion in 2019, from N20.71 billion in 2018.
Commenting on the results, the Managing Director/Chief Executive Officer of Unity Bank, Mrs. Tomi Somefun, said, “The potential in many aspects of the business, as reflected in the growing balance sheet of the Bank, is indicative of market confidence in our repositioning efforts.”
