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Company Results

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

The Bank had embarked on several cost minimization initiatives that have continued to yield positive results.

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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

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.

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.

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The retail lender also recorded a total comprehensive income of N5.52 billion while Earnings Per Share stood at 28.94 Kobo.

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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.”

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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.

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“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.”

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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.

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Abiola has spent about 14 years in journalism. His career has covered some top local print media like TELL Magazine, Broad Street Journal, The Point Newspaper.The Bloomberg MEI alumni has interviewed some of the most influential figures of the IMF, G-20 Summit, Pre-G20 Central Bank Governors and Finance Ministers, Critical Communication World Conference.The multiple award winner is variously trained in business and markets journalism at Lagos Business School, and Pan-Atlantic University. You may contact him via email - [email protected]

1 Comment

1 Comment

  1. Anonymous

    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!

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Company Results

Rak Unity Petroleum Company Plc Posts N63 million loss in 2020 FY results

Rak Unity Petroleum Company Plc reported revenue of N1.41 billion representing a 68.14% decline from the N4.42 billion revenue reported a year earlier.

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Focus: This small-cap oil company is seriously lagging behind

Rak Unity Petroleum Company Plc released its 2021 FY results reporting total revenue of N1.41 billion representing a 68.14% decline from the N4.42 billion revenue reported a year earlier.

  • Operating expenses during the year was N149.65 million in 2020 compared to N221.89 million in 2019. –32.56% YoY
  • The company reported a loss after tax of N63.02 million in 2020 compared to N14.52 million loss after tax in 2019.
  • It reported a loss per share of N1.11  in 2020 compared to N0.26 loss per share reported in 2019.
  • No dividend announcement was made in their press release.
  • The company share price of N0.30 unchanged YTD.

See link to results here

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Company Results

Conoil posts 23% post-tax profit decline in 2020 FY results

Conoil Plc reported a revenue of N117.47 billion representing a 15.95% decline from the N139.76 billion revenue reported a year earlier.

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Conoil Plc released its 2021 FY results reporting revenue of N117.47 billion representing a 15.95% decline from the N139.76 billion revenue reported a year earlier.  

  • Operating expenses during the year was N7.64 billion in 2020 compared to N9.68 billion in 2019. 20.9% YoY 
  • The company reported a profit after tax of N1.52 billion in 2020 compared to N1.97 billion in 2019. –22.97% cut YoY.  
  • It reported an earnings per share of 219 kobo in 2020 compared to 284 kobo earnings per share reported in 2019. 22.89% YoY. 
  •  No dividend announcement was made in their press release. 
  • The company share price of N20.85, up +0.72% YTD. 

See link to results here

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