Unity Bank Plc released its result for the 2018 financial year which shows the Balance Sheet budding up with a whopping 50.8percent growth during the year. In its audited financial statements for the year ended December 31, 2018, released to The Nigerian Stock Exchange, the Bank’s Balance Sheet Size increased from N156.51billion in 2017 to N235.98 billion, culminating in Gross earnings of N37.33 billion for the year.
Similarly, in the period under review, the bank grew its bottom-line by 109.9percent as Profit before Tax moved in a positive trajectory to close at N1.41 billion, with the Bank recording a Profit after Tax of N1.27billion, shaking off the negative position it posted in 2017 financial year.
The year’s performance is supported by noticeable fundamentals derived from the Bank’s corporate action to clean up its book by eliminating all the legacy non-performing loans which resulted in full derisking of its balance sheet and creating a new lease of life for the Bank
A cursory review of the Bank’s performance shows significant growth across key financial metrics, with Net Operating Income for the year ended December31, 2018 growing by 112percent to N21.63 billion from N10.22 billion in the corresponding period of 2017.
Non-Interest Income also increased to N6.3billion from N1.61billion recorded in 2017 and earnings per share for the year 2018 stood at 13.03 kobo, up from negative of 127kobo recorded in 2017.
The Bank’s improved performance is attributable to the reinvigorated business transformation initiatives implemented during the year, in addition to strategic corporate actions taken by the Management of the Bank to prioritize customer service, product delivery as well as optimize its operations for operational efficiency, thus setting a stage for its sustainable business growth model.
The Bank’s strong performance feat was achieved through composite strategic focus involving the complete revamp of its service delivery channels, products revamp and profiling as well as building structured and secured operating environment to protect customers’ businesses.
Unity Bank also leveraged on its core competence and strategic advantage in deepening its reach in Agribusiness and attendant value-chain, driving the over 360percent growth in loan portfolio in this segment of the market.
