Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Content Partners
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Get Data
    • Macro-Economic News
    • Research Analysis
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Content Partners
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Get Data
    • Macro-Economic News
    • Research Analysis
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
Nairametrics
No Result
View All Result
Home Markets Equities Company Results

Unity Bank posts N44.5 billion as gross earnings in 2019

Abiola Odutola by Abiola Odutola
June 11, 2020
in Company Results
Nigerian CEOs, What led to fire outbreak - Unity Bank, Unity Bank Plc makes new appointment , Unity Bank introduces USSD code in Yoruba, Hausa and Igbo languages

Mrs Tomi Somefun, the CEO of Unity Bank Plc

Share on FacebookShare on TwitterShare on Linkedin

Unity Bank Plc, has declared gross earnings of N44.59 billion for its 2019 financial year, continuing a path to strong growth started in 2018 financial year after the bank took bold corporate action to clean up its balance sheet in 2017.

The Bank also posted profit before tax (PBT) of N550million in its first-quarter 2020 result released with the 2019 Financial Year result to the Nigerian Stock Exchange (NSE).

A review of the Bank’s Q1 2020 result showed that the lender recorded growth in Profit After Tax (PAT) by 9% to N506.07 million as against N464.87 reported in the same quarter in 2019.

RelatedPosts

Nigeria’s PZ Cussons fights off inflation to post 277% rise in profits

MultiChoice blames FX Challenges for ZAR367m loss in Nigeria

The audited 2019 full-year result showed that the Bank recorded a PBT of N3.64 billion, while Profit After Tax (PAT) closed at N3.38 billion, thereby consolidating on the gains on the reforms instituted by the Bank to grow a healthy balance sheet since the past two years.

A review of the Bank’s performance shows a relative growth across key financial metrics such as the Net Operating Income for the year ended December 2019, which rose by 76.39% 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% to N16.493 billion from N13.970 billion the previous year. This is even as the Bank’s Total Asset saw a 71.93% increase to close at N293.052 billion from N210.80 billion in the corresponding period of 2018.

READ ALSO: Ripple helps MoneyGram records 100% growth on digital transactions 

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% to N104.02 billion in 2019 as against the N44.10 billion it closed in 2018.

Unity Bank had embarked on several cost minimization 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.

Managing Director/Chief Executive Officer of Unity Bank, Mrs. Tomi Somefun 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.

READ MORE: UBA Delivers 21% Growth in Profit, 21.7% Return on Average Equity, Declares N0.20 Interim Dividend:

“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, capitalizing on the growing profile in the sector, whilst also focusing on the youth market with increased investment in technology.”

According to her, “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 underbanked.

“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.”

Download the Nairametrics News App

In addition, the Bank has concluded arrangements to launch a healthcare product called UnityCares to tap into credit support intervention scheme for the Health sector being rolled out by Central Bank of Nigeria as stimulus packages to support the indigenous pharmaceutical companies and healthcare practitioners that hope to build and expand capacity.

Analyst are of the view that many things will continue to play in favour of the Bank: these include the sustained effort of the Bank in the area of Agribusiness, the increasing attention of Government and other Agencies in the agriculture sector and the growing interest of the youths in the agribusiness, among others.

Related

Tags: Business Newsfinancial statementsNigerian Company ResultsUnity Bank Plc

Comments 1

  1. Anonymous says:
    June 11, 2020 at 1:41 pm

    Be like Linda Ikeji and specify “this is a sponsored post”. You don’t think it mention worthy that KPMG (the auditors) mention going concern worries? That CAR is not adequate? Jokers!

    Reply

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Mega Millions
Hot forex
Cornerstone
Polaris Bank
Access Bank
Bankers Committee
First bank


FCMB
Ikeja Electrics




    Business News | Stock Market | Money Market | Cryptos | Financial Literacy | SME |

    Recent News

    • Nigeria’s BlackHouse Media ranked number 3 agency in Asia pacific, middle east, and Africa
    • Nigerian Exchange suspends Royal Exchange, C&I Leasing, 7 others for default in audited financial statements
    • NGX closes flat as market capitalization grows slightly by over N6 billion

    Follow us on social media:

    Recent News

    Nigeria’s BlackHouse Media ranked number 3 agency in Asia pacific, middle east, and Africa

    Nigeria’s BlackHouse Media ranked number 3 agency in Asia pacific, middle east, and Africa

    July 1, 2022
    FBN Quest, Cordros, Apel lead best performing stockbroking firms in October 2021

    Nigerian Exchange suspends Royal Exchange, C&I Leasing, 7 others for default in audited financial statements

    July 1, 2022
    • ABOUT US
    • CONTACT US
    • PRODUCTS
    • ANDROID APP
    • iOS APP
    • DISCLAIMER
    • CAREERS
    • PRIVACY POLICY

    © 2022 Nairametrics

    No Result
    View All Result
    • Home
    • Exclusives
      • Financial Analysis
      • Corporate Stories
      • Interviews
      • Investigations
      • Metrics
    • Markets
      • Cryptos
      • Commodities
      • Equities
        • Dividends
        • Stock Market
      • Fixed Income
      • Market Views
      • Securities
    • Industries
      • Company News
      • Consumer Goods
      • Content Partners
      • Corporate deals
      • Corporate Press Releases
      • Energy
      • Entertainment
      • Financial Services
      • Hospitality & Travel
      • Manufacturing
      • Real Estate and Construction
      • Tech News
    • Economy
      • Get Data
      • Macro-Economic News
      • Research Analysis
    • Business News
    • Financial Literacy
      • Career tips
      • Personal Finance
    • Lifestyle
      • Billionaire Watch
      • Profiles
    • Opinions
      • Blurb
      • Op-Eds

    © 2022 Nairametrics

    Social Media Auto Publish Powered By : XYZScripts.com