Unity Bank declares 492.02 billion in assets for 2020



Unity Bank declares 492.02 billion in assets for 2020

By Chinyere Joel-Nwokeoma

Unity Bank Plc on Tuesday announced an asset base of N 492.02 billion for the fiscal year ended December 31, 2020.

The bank, in its audited result released by Nigerian Exchange Ltd., said its total assets increased by 67.90% from the N293.05 billion achieved in the comparative period of 2019.

The bank’s customer deposit portfolio increased 34.4% to N356.62 billion, from N257.69 billion recorded in the corresponding period of 2019.

The bank posted a gross profit of N42.71 billion, compared to N44.59 billion recorded in the comparative period of 2019.

Profit after tax was 2.09 billion naira, while profit before tax closed at 2.22 billion naira in the year under review.

Its net operating profit rose to 25.46 billion naira from 23.21 billion naira in the corresponding period of 2019, an increase of 9.71%.

It was even then that net interest income saw a big jump as it rose 7.60 percent to 17.75 billion naira from 16.49 billion naira in the corresponding period of 2019. .

The bank’s gross loan portfolio grew by 92.9 percent to 206.2 billion naira during the review period, from 106.9 billion naira in 2019.

The bank’s Managing Director / CEO, Ms Tomi Somefun, said the results showed resilience in times of uncertainty and the ability to focus on key elements of the balance sheet to maintain the growth trajectory.

“Therefore, for the year under review, the opportunities to create more quality assets for the company, expected to have a lasting impact, informed some of the choices made.

“And we’ve seen encouraging market uptake in this regard, aside from the benefits to the bottom line that have started to trickle down as well.

“The bank has rolled out new products and growth supported by omnichannel promotions, USSD and other channels to improve service delivery efficiency, boost revenue generation capabilities, and improve steady balance sheet growth,” Somefun said.

She said the bank would leverage targeted strategies to deploy significant investments in technology to ride the waves of the COVID-19 pandemic.

According to him, the bank will focus on achieving major efficiencies, deepening its retail footprints and penetrating identified cluster market segments, to tap diverse youth markets.

“The bank is also looking to consolidate the gains from its core business areas and from its niche in the agribusiness sector. The bank has solidly funded more than one million farmers over the past three years.

“These farmers cut in several primary crops such as rice, corn, cotton, wheat, sorghum, etc., coupled with their rich value chains.

“We hope to continue to develop this topic as we play our part in driving the country’s quest for self-sufficiency in food production,” she added.

Likewise, Mr. Usman Abdulqadir, Unity Bank, Executive Director, said the bank will change the discourse in the agricultural sector by focusing on young farmers.

Abdulqadir said the bank will focus on young farmers under 40 with better knowledge of technology and best practices to increase yields.

He said the bank is keen to get the younger generation interested in farming, noting that 65% of the country’s population is between 18 and 35 years old. (NOPE)


Short Link:


NNN: :is a Nigerian online news portal that publishes breaking news in Nigeria, and across the world. Our journalists are honest, fair, accurate, thorough and courageous in gathering, reporting and interpreting news in the best interest of the public, because truth is the cornerstone of journalism and they strive diligently to ascertain the truth in every news report. Contact: editor @

Coronavirus – Rwanda: COVID-19 update (May 6, 2021) JUSUN, PASAN strike to end soon – FG Coronavirus – Eswatini: COVID-19 daily update (May 6, 2021) Jagun emerges new president of computer professionals council Coronavirus – Eritrea: Ministry of Health announcement (May 6, 2021) Lagos to connect 100 schools to internet in May – Sanwo-Olu #EndSARS: Insurance companies pay N4bn claims – NIA NCDC confirms 28 new COVID-19 infections in Nigeria Coronavirus – Daily update on the status of COVID-19 statistics in Zambia (May 6, 2021) Manchester United cruise into Europa League final, Arsenal slump Mining Indaba expands advisory board for 2022 Kogi Gov., Bello commiserates with Pastor Adeboye over son’s demise Angolan Petroleum Agency to host question and answer sessions for next application cycle FG inaugurates committees on National Policy on welding Coronavirus – Kenya: COVID-19 update (May 6, 2021) Leadership Centre, UNDP train 5000 civilian JTF in Yobe, Adamawa Coronavirus – Ethiopia: COVID-19 cases reported in Ethiopia (May 6, 2021) Player fined about N2.5m, banned for slapping opponent FROM THE FIELD: Ugandan conflict survivor helps communities find ‘ways forward’ Former LRA leader, former child soldier, sentenced to 25 years in prison Coronavirus – Eritrea: Ministry of Health announcement (May 5, 2021) Day of the Midwife: Invest in midwives to save more lives — UNFPA Liquid Telecom unveils new identity, Liquid Intelligent Technologies in Botswana as it establishes itself as the digital services partner of choice for African businesses Buhari salutes ex-NSC DG Al-Hassan Yakmut at 60 Chelsea whip Real Madrid to reach Champions League final Video press release: Weekly press briefing on the coronavirus epidemic Enugu State inaugurates board for universal health coverage Video Press Release: WHO Africa COVID-19 Online Briefing Singer Paul Okoye hits 1m subscribers on YouTube, receives gold plaque Coronavirus – Ethiopia: COVID-19 cases reported in Ethiopia (May 5, 2021) Coker resumes as NTDC boss WAPA reiterates commitment to vulnerable women in Lagos Coronavirus – Daily update on the status of COVID-19 statistics in Zambia (May 5, 2021) EU moots military training mission to Mozambique – Official Vaccine shortage increases risk of COVID-19 resurgence NECO releases 2020 SSCE results Rugby Africa Mulligrubbers #AfricaAsOne with the launch of the men’s seven-a-side solidarity camp China ready to discuss COVID-19 vaccine patents within WTO Energy Capital & Power, Equatorial Guinea partner for an investor report, a documentary and an American event Insecurity: Lawyers back creation of state police Niger: the new government should investigate the massacres Popular OAP Lolo 1 and her children survive car accident Burna Boy’s ‘Ye’ certified Gold in the U. S. Airport flyover rehabilitation begins, FG awards contract WHO publishes recommendation on maximum salt levels in foods Lagos places 4,000 unemployed graduates on N40,000 monthly salary FIFA and Gianni Infantino welcome the decision of the Swiss Federal Criminal Court to challenge the extraordinary federal prosecutor NDLEA arrests grandma, granddaughter with 192kg cocaine in Ondo Engineers laud FG, Lagos Govt. high on infrastructure delivery AstraZeneca Africa PUMUA Initiative celebrates World Asthma Day with delivery of the first PUMUA nebulization stations in 4 countries