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Unity Bank declares 492.02 billion in assets for 2020

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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)

(NAN)

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